CHAPTER 11 BANKRUPTCY OVERVIEW
The bankruptcy law firm of Fred Wehrwein, P.C. can provide debt relief for individuals and businesses. Chapter 11 bankruptcy of business reorganization may be the best choice you can make when your company cannot meet its obligations. Designed specifically for businesses, Chapter 11 bankruptcy provides your business a reorganization plan to restructure the debts and get out from under certain troublesome contracts or leases. Generally using a Chapter 11 bankruptcy allows your business to operate while under the protection of the Bankruptcy Court. However, this must be determined by the Bankruptcy Court. Intended for almost all businesses, including sole proprietorships, partnerships, corporations and limited liability companies, a Chapter 11 bankruptcy can provide your business with immediate debt relief. Chapter 11 business bankruptcy typically offers flexibility in dealing with creditors. The business filing a Chapter 11 bankruptcy is given an exclusive time period to file a written plan and a disclosure of how the plan will materialize and be completed. While this is taking place, the protection of the Bankruptcy Court exists and collection efforts against the business are ceased.