Metairie Chapter 11 Bankruptcy Lawyers
Businesses, like consumers, can face tough financial times. When this happens, a company’s expenses and debts may far outweigh its income and cash reserves. Businesses that face these difficulties may be able to restructure their corporate models and debt repayment agreements while under legal protection.
This protection comes in the form of Chapter 11 bankruptcy. If your business faces monetary shortfalls with no end in sight, contact the Metairie Chapter 11 bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today to learn if bankruptcy may be the right option for you and your company.
Understanding Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a form of bankruptcy that applies solely to businesses. Under this form of bankruptcy, businesses do not have to liquidate their assets; they are allowed to remain in businesses and restructure in order to become more profitable and to pay off their debts.
Restructuring may include:
- Working out more reasonable payment plans with creditors
- Closing or selling departments within the business
- Downsizing
- Replacing top-level executives
Businesses must identify what areas they want to restructure to form their bankruptcy plans. Once approved, these plans must be enacted within a certain time period. Businesses that default on their bankruptcy plans may be forced into Chapter 7 bankruptcy.
How the Law Office of David D. Kervin, Jr. Can Help
Restructuring a financially stagnant business is a tall order that should involve an experienced legal mind. At the Law Office of David D. Kervin, Jr., our dedicated Chapter 11 bankruptcy attorneys can help your business declare bankruptcy and take the steps necessary to restructure successfully.
Contact Us
When your business faces financial difficulties, bankruptcy may be the best answer and it could help you to preserve your dreams. Contact the Chapter 11 bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today to learn more about declaring bankruptcy.