Orlando Chapter 11 Bankruptcy Attorneys
Chapter 11 bankruptcy is a reorganizational bankruptcy designed for businesses facing serious financial hardships. While the business may have the option to file Chapter 7 bankruptcy, close operations and sell all of its assets, many business owners hope to recover and keep the business. Through Chapter 11, the business is provided the opportunity to restructure its debts into a manageable form through which it can repay its obligations and remain in business.
Winter Park Business Bankruptcy Lawyers – Business And Individual Chapter 11
In Chapter 11, the business owner is allowed to submit a plan for repaying the debt through which the business is expected to get back on track within a specific timeline, usually about 120 days. This plan must be approved by the court as well as creditors. As the business repays its debt, it usually remains in operation, maintaining a flow of income. The business owner stays in control as a debtor in possession; however, the court is allowed oversight of the business and its decisions.
It is important that you have skilled legal representation guiding you through this process to ensure that the bankruptcy is conducted in such a way that your business interests, operations and future are protected. At Almeida & Gordy, P.A., we represent businesses throughout this process, providing invaluable guidance and advice at every step. We are committed to getting your business back on solid ground and in a position to grow in the future.
Chapter 11 is also available to individuals who carry too much debt to qualify for a Chapter 7 in consumer bankruptcy. They are then expected to carry out a Chapter 11 bankruptcy, should the circumstances call for it.
To arrange a free initial consultation to discuss your business’ debt and financial situation, as well as the options available, please contact an Orlando Chapter 11 bankruptcy lawyer at our Florida firm today at 407-680-1797.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.