Often, when a corporation falls upon hard times, it will not be forced to shut its doors for good. Instead, the company’s directors will often agree that it should submit to a court-managed process of reorganization and adjustment of its debts. In fact, many large businesses each year make use of this form of bankruptcy protection, buying time and relief from creditors that allow them to get back on firmer financial ground.
The same general type of recourse is also available to individuals under chapter 11 of the Federal Bankruptcy Code. Compared to the liquidation of assets and debts that occurs under the chapter 7 style of personal bankruptcy, chapter 11 can easily make for a significantly less drastic way to recover from serious financial problems.
Attorneys Are Ready to Help Clients Make the Most Out of Chapter 11
Should an individual’s debts, assets and sources of income be such that no hope of ever naturally getting back to even exists, chapter 7 bankruptcy will often be the preferred choice. In many other cases, however, debtors will need some help and concessions to get back on track but not be so far underwater that chapter 7 will seem appropriate.
Chapter 13 bankruptcy is designed to address such issues, and it does so in satisfying fashion for many individuals. Another option that is even more flexible, however, is to seek out protection under chapter 11, instead.
This more complex style of bankruptcy is most often utilized by corporations and other fairly large companies. At the same time, additional options and features provided for in the law can make it attractive to individuals and the owners of small businesses, too. Working with a chapter 11 bankruptcy lawyer in Frederick will always be the best way to ensure that the benefits of this style of protection outweigh any drawbacks stemming from its complexity.
Informed Advice and Assistance Is Easy to Come By
Browse our website to see that our attorneys are ready to help their clients decide which form of bankruptcy might make the most sense and to guide them through the appropriate process. Getting in touch with a chapter 11 bankruptcy lawyer in Frederick will generally be the best way to get started and to proceed.
