Chapter 11 Bankruptcy
|
"At the end of every seven years, every creditor shall make a release and not exact a debt from his neighbor; it is called the Lord's release." |
Dedicated Commercial Bankruptcy Attorneys in Illinois
Our Lawyers Have Over 36 Years of Combined Experience in Bankruptcy
When a business with financial difficulties is unable to pay its creditors and is having trouble meeting payroll and other expenses, Chapter 11 bankruptcy may be a good option. In most Chapter 11 bankruptcies, businesses can continue to operate after they reorganize their contractual and debt obligations. Chapter 11 bankruptcy was implemented to allow businesses to remain in existence in order to generate revenue, protect jobs and become a productive member of the economy.
At Lathram & Herbert, LLP, in Collinsville, Illinois, and Bankruptcy Advocates in Carbondale, Illinois, our bankruptcy attorneys have represented many business owners in Chapter 11 bankruptcies and have helped these businesses get a fresh financial start. We have worked with businesses at nearly every level, including sole proprietorships, partnerships and corporations. While each case is different, businesses that file for Chapter 11 bankruptcy are usually able to avoid liquidation if their cases are handled correctly.
Business Reorganization Through Chapter 11 Bankruptcy
Chapter 11 bankruptcy is often referred to as "business reorganization" due to the nature of how debts are relieved under this process. A business owner will work with our bankruptcy attorneys to develop a debt repayment plan. This plan will be reviewed by a creditors' committee with an explanation of how the creditors will benefit by accepting it. Creditors can benefit from a Chapter 11 bankruptcy because they will usually receive a greater percentage of the debt than they would if the business were to close and liquidate.
In order to be successful in your business' Chapter 11 bankruptcy, it is important that you hire bankruptcy attorneys who are experienced and can help you draft a debt repayment plan that your creditors will accept. At Lathram & Herbert, LLP, and Bankruptcy Advocates, we will negotiate with creditors and structure your plan responsibly. Our goal is to ensure that your business will continue to operate and grow into a successful organization.
Contact us - Collinsville, Toll Free: 866-553-1981 Carbondale, Toll Free: 866-675-5067 and schedule a free initial consultation.
We also work with individuals in Chapter 7 and Chapter 13 bankruptcies. Click here for more information.
