Requirements Of Chapter 11 Business Bankruptcy
Business restructuring through Chapter 11 bankruptcy can be available to small businesses. While large corporations are the ones that make the news for obtaining relief through Chapter 11, small businesses may not have the same chance of regaining profitability.
Mahaffey & Associates, LLC, has assisted business owners throughout northwest Ohio with difficult bankruptcy decisions. After learning about your unique situation, our bankruptcy lawyer will analyze your debts and discuss legal options. We offer candid counsel on the benefits and costs of Chapter 11 restructuring plans versus Chapter 7 total liquidation, so you can make informed decisions.
Benefits And Drawbacks Of Chapter 11 For Your Small Business
Chapter 11 reorganization is a strategy that comes with the advantage of extra time to renegotiate debt obligations with creditors. A partnership, which generally has fewer bankruptcy options, may take advantage of Chapter 11 if there is a chance it can survive and regain profitability.
The drawbacks relating to costs, which are typically higher. If you see a route to become profitable again, the added costs could be worthwhile. However, Chapter 11 bankruptcies are often dismissed and later converted to Chapter 7 because there is little chance the business will become profitable.
Learn More About Bankruptcy Law
Business bankruptcy is a way to insulate you from personal liability for business debts. Our experienced bankruptcy attorney can assist you through the bankruptcy process.
To schedule a free consultation, please call us at (419) 827-5008. You can also send us a message online. We can arrange to meet with you at our most conveniently located office in Sylvania, Toledo or Northwood. Evening and weekend appointments are also available upon request.
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