Businesses that are facing financial distress may be able to find debt relief through Chapter 11 bankruptcy. In this type of bankruptcy, debt is reorganized and a repayment plan is established.
Chapter 11 bankruptcy is well suited for businesses that wish to continue operating in the future. It allows businesses to repay a certain amount of their debt under a court approved plan. The business will be required to provide monthly reports, disclosure statements and other documents as a part of their plan.
The Slomka Law Firm in Atlanta, Georgia, represents businesses of all sizes as a bankruptcy lawyer in Chapter 11 proceedings. If your business is struggling to stay afloat, talk to an Atlanta Chapter 11 bankruptcy lawyer from our firm about your debt relief options.
Some businesses simply need time to restructure and reorganize their finances before moving on toward a more profitable future. At The Slomka Law Firm, our Atlanta bankruptcy lawyers can determine if a restructuring plan through Chapter 11 bankruptcy is right for your business.
Here is some additional information about Chapter 11 bankruptcy:
- Unlike a Chapter 13 bankruptcy repayment plan which lasts three or five years, a Chapter 11 bankruptcy repayment plan may last for an indefinite amount of time.
- As soon as a business files Chapter 11 bankruptcy, an automatic stay goes into effect. This stops all creditor harassment, repossession, foreclosure, and other collection actions against the business.
- Although Chapter 11 bankruptcy is typically utilized by businesses, individuals can also file under this chapter. However, individual debtors typically file either Chapter 7 or Chapter 13 bankruptcy.
Talk to a bankruptcy lawyer from our Atlanta firm to learn more about Chapter 11 bankruptcy and your business’ options.
Chapter 11 bankruptcy allows businesses to restructure and repay many of their debts. If you are interested in learning more about specific options for your business, please contact us online or call (678) 732-0001. We offer a free initial consultation with a bankruptcy lawyer at our Atlanta office or other four locations.
We are a debt relief agency and bankruptcy lawyer firm in Atlanta. We help people file for bankruptcy relief under the Bankruptcy Code.