Chapter 11 Bankruptcy Can Allow Your Business To Recover Financially
Are you confident your small business will be profitable in the future — At Goering & Goering, LLC, our skilled bankruptcy lawyers can help find a way to restructure the debts you have today. For some companies in this situation, Chapter 11 “reorganization” bankruptcy is the answer. The Bankruptcy Code also provides Chapter 11 as an option for some individuals with high income but insurmountable debts, often associated with business losses or real estate issues.
Understanding Chapter 11 Bankruptcy In Ohio
Chapter 11 bankruptcy involves creating a debt repayment plan, much like Chapter 13 bankruptcy. Unlike Chapter 13, Chapter 11 is used by corporations so they can continue operations while repaying debts.
A Chapter 11 petition includes:
- Listed assets and liabilities
- Summarized financial affairs
- Current income and expenses
- Creditor contracts and unexpired leases
The possible advantage of choosing Chapter 11 bankruptcy is that it can sometimes allow for your company to continue operating while getting back on a sustainable financial path
Restructuring Debt Through Bankruptcy Can Help Your Business Get Back On Track
The complex financial analysis required for successful individual and business Chapter 11 bankruptcy filings is beyond the scope of many law practices. However, it is a clear strength for us at the Law Office of Goering & Goering, LLC, where our Chapter 11 lawyers’ qualifications include certification in business bankruptcy law and many decades of relevant experience.
If you’re considering Chapter 11, key points to consider are:
- It will be necessary to show that if you stay in business, your operations will support a repayment plan for some or all of your debts, perhaps at only pennies on the dollar.
- In some cases, filing for Chapter 11 is the best way to restructure Small Business Administration (SBA) loans and other bank debts, stop equipment repossessions and lawsuits, gain time to pay back taxes, and achieve your specific objectives.
Our process when dealing with a business or an individual in debt is rigorous and focused. Ultimately, we understand your lawyer must have a clear vision of which assets you want to protect and whether bankruptcy makes the most sense.
Clear Guidance On The Benefits And Risks Of Chapter 11
We act as honest business advisers as well as Chapter 11 bankruptcy attorneys. This means that we will not approach your case with the assumption that bankruptcy is the right move. We will review all possible non bankruptcy and bankruptcy options in Ohio and consider what you are trying to achieve.
Reach Out To Our Office For More Information
If you need clear guidance on business bankruptcy or consumer bankruptcy, schedule your free consultation at our firm in Cincinnati. You can call our office at 513-838-2407 or send us a message on our website with a brief description of your situation.