Business Bankruptcy
Chapter 11 Bankruptcy For Businesses
If your small business has suffered a financial setback, is facing foreclosure, or is behind on payments to your creditors; filing Chapter 11 could be the answer. Known as “reorganization” bankruptcy, Chapter 11 allows struggling businesses to avoid liquidation by restructuring its debts through a court approved plan. With decades of experience in serving small businesses, our firm has developed an outstanding reputation for guiding business owners through the complexities of Chapter 11 bankruptcy proceedings.
Our legal team is skilled in negotiating with creditors to obtain debt relief and more favorable payment terms outside of court, while also helping small businesses to restructure their operations and debts. We have successfully represented businesses in various industries; including retail establishments, restaurants, real estate developers, construction companies, medical practices, golf courses, apartment complexes, office buildings, and other service industries. We are committed to providing tailored legal solutions that address the unique needs and challenges of each business we represent.
Chapter 11 For High Net Worth Individuals
Individuals with large amounts of debt may also file Chapter 11 in order to take advantage of a court-ordered payment plan if their debts exceed their ability to repay them. Chapter 11 has provided a solution for numerous business owners who have been sued for a deficiency resulting from a failed business, struggling with significant tax liabilities, or unable to make debt payments following a financial setback. With our Chapter 11 counsel, these individuals have been able to tackle these challenges and proceed with their lives.
A Fresh Start
Filing for bankruptcy can be a complex and overwhelming process, but it may be the best decision for your financial future and the success of your business. In order to help you navigate the process, we offer experienced and compassionate legal guidance to protect your interests and help you find relief from your debts so your business can continue to operate successfully.
01
Preparation
Preparing for Chapter 11 bankruptcy involves a careful evaluation of the business’s financial situation, developing a reorganization plan, and determining how to address creditor claims while protecting the interests of the business and its owners.
02
Automatic Stay
Chapter 11 can provide much needed time for a business to analyze its operations and develop a plan to address all creditors in a comprehensive manner. Immediately upon filing, all creditors must stop contacting you, all foreclosures and lawsuits must stop, and many payment obligations can be delayed or eliminated until your plan is approved by the bankruptcy court.
03
Financial Restructuring
Through a court-approved repayment plan, business owners can restructure their financial obligations and secure greater financial freedom. The repayment plan allows them to modify loan terms, eliminate unnecessary expenses, catch up on overdue taxes, sell assets, and defer payments to creditors while stabilizing cash flow.
Reorganize Your Business Today
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Our Professional Services Include:
Founded by leaders of the bankruptcy industry, our firm is specialized in helping small business owners and corporate leaders restructure their debts, save their businesses, and protect their assets after a financial setback. Our law firm boasts board-certified attorneys by the State of North Carolina as specialists in business bankruptcy, consistently ranking amongst the top attorneys in North Carolina in the bankruptcy field.
Areas Of Bankruptcy Practice
- Chapter 11 Bankruptcy Filing
- Bankruptcy Litigation
- Adversary Proceedings
- Out of Court Negotiations
- Creditor Representation
Chapter 11 bankruptcy can allow a business to continue operations while it reorganizes, providing a chance to restructure the business without risk of liquidation.
The Bankruptcy Court can overrule the demands made by creditors about how they are paid, as long as the proposed repayment terms are "fair and equitable" to the creditor.
The flexibility of Chapter 11 can enable businesses to adapt to changing market conditions and make necessary adjustments to their business operations to stay competitive.
As soon as you file, automatic stay delays or eliminates payments until your plan is approved by the bankruptcy court.