New Orleans Chapter 11 Bankruptcy Lawyers
Businesses that are struggling with large amounts of debt have the opportunity to take advantage of the unique provisions of Chapter 11 bankruptcy. Under Chapter 11 of the US Bankruptcy Code, a company reorganizes its business plan so that it can begin to pay back its debts to creditors. Unlike Chapter 7, which dissolves a business and liquidates its assets to pay back creditors, companies filing under Chapter 11 are allowed to continue operating throughout the bankruptcy process.
For business owners who are struggling but are confident that they can change their business model for the better, Chapter 11 offers a unique second chance. The process can be complex, but with experienced legal counsel a company can successfully restructure itself and begin to pay back outstanding debts. If your business is in debt and is struggling to make a profit, Chapter 11 bankruptcy may be an ideal option to reorganize your company for future success.
To learn more about the Chapter 11 bankruptcy process and how it can help your company escape from debt, contact the New Orleans Chapter 11 bankruptcy attorneys of Kervin & Young, LLC today at 504-599-5906.
Advantages of Chapter 11 Bankruptcy
While Chapter 11 bankruptcy can sometimes be filed by individuals with personal debts, it is commonly an option employed by business owners because of the unique advantages that it provides to businesses. Companies that file for bankruptcy under Chapter 11 are granted the following provisions and protections:
- No maximum limit on the amount of debts that the filer may have
- Allowance to continue operating while the bankruptcy is ongoing
- Automatic stay protection that prevents creditors from seeking payment while the bankruptcy is pending
- Opportunity to restructure the business and form a more profitable business plan
How We Can Help
Chapter 11 bankruptcy can be a powerful tool to help restart a company’s business operations and boost its profitability. For Chapter 11 to be most effective, a business must carefully follow strict regulations and work with the court to create a sound plan for reorganization. The court will appoint a committee of individuals who represent your business’s stockholders and creditors, which will vote on all reorganization plans that you submit on behalf of the business.
Because your Chapter 11 case will involve a variety of stakeholders and negotiation procedures, it is important to have a legal professional on your side to help protect your rights and represent your interests. Our experienced Chapter 11 bankruptcy attorneys will work with you to help ensure that your filing and restructuring procedure is completed successfully.
Contact Us
We are committed to providing sound legal counsel and assistance to help your business through these troubling times. To learn more about the Chapter 11 bankruptcy filing process and reorganization procedure, please contact our New Orleans Chapter 11 bankruptcy attorneys of Kervin & Young, LLC today at 504-599-5906.