Chapter 11 Bankruptcy for Small Businesses
Chapter 11 bankruptcy is a type of bankruptcy available to both individuals and businesses, but often is used by companies to restructure and keep a company running. Similar to a Chapter 13 bankruptcy, Chapter 11 involves a reorganization of debt. However, unlike Chapter 13, there is no limit to the amount of debt that can be restructured.
The bankruptcy attorneys of The Law Firm of Droder & Miller have handled hundreds of bankruptcy cases and can help you determine whether Chapter 11 is the right option for you. From our office conveniently located in downtown Cincinnati, Ohio, we serve clients throughout southwest Ohio and northern Kentucky. Contact our law firm online today to learn more about Chapter 11 business bankruptcy and how we can aid you in achieving meaningful financial help.
Filing for Chapter 11
There are many benefits when it comes to filing for Chapter 11 business bankruptcy, including:
- A business will generally be able to remain open, under the supervision of the court and for the benefit of creditors.
- This type of filing allows a company to restructure, which can result in a more efficient operation that can lead to profitable results.
- Typically, a debtor will retain possession of assets during and after the bankruptcy filing.
- Once you successfully complete the payment plan laid out by a Chapter 11 bankruptcy filing, you will be able to discharge remaining eligible debt.
A business bankruptcy case may proceed in slightly different ways depending on the specifics of your situation. In some cases, the court may appoint a trustee to help operate the business and help ensure the plan that has been approved by the court is being followed. We can help with this process as well as every other aspect of a Chapter 11 business bankruptcy filing.
For debtors who have large amounts of debt or complicated assets that need to be restructured, Chapter 11 may be the right option. Our experienced attorneys can help you understand and maximize on the value that can be offered to individuals and small businesses through Chapter 11 that would not otherwise qualify for Chapter 13 reorganization. We can also help you explore and use other debt relief alternatives to Chapter 11, if that is in the best interests of you or your business.
Contact Our Cincinnati Business Bankruptcy Lawyers
If you would like to learn more about Chapter 11 business bankruptcy and how it may benefit your company contact Nick Zingarelli at our debt relief law firm for a no-obligation consultation today. We are available for weekday appointments and offer no-obligation initial consultations.