Frequently referred to as reorganization bankruptcy, Chapter 11 bankruptcy is generally utilized by businesses who find themselves in need of financial assistance. It is also, however, available to married couples and individuals in certain circumstances. Often considered to be one of the more complex bankruptcy filings, it is an option that we strongly recommend you take only with the assistance of one of our Chicago Chapter 11 bankruptcy lawyers. The preparation involved can be extensive, and we know that every day counts.
Chapter 11 bankruptcy can help your business through any of the following:
At its core, a Chapter 11 bankruptcy is a way to help give your business the space it needs to make internal changes and negotiate the repayment of any debts it may have. The end goal is to help you make your business successful and profitable once more. These negotiations can be extremely involved - we can help you to assemble the documents you will need to file properly. These may include federal income tax returns, cash flow records, balance sheets, and company statements of operations.
Following a successful filing of a Chapter 11 bankruptcy, business owners will generally become a "debtor in possession" of the business and maintain control and continue business operations. During this time, the business will need to file reports detailing expenses and income for creditors to review.
At The Golding Law Offices, P.C., we know that there is very little room for error as you navigate times of financial hardship. Our team has over 50 years of combined experience in bankruptcy law to help ensure that you are receiving the counsel you need to save your business.