If your business is struggling with debt, call our team to learn more about chapter 11 bankruptcy and whether it is the best option for you.
If your business is burdened by significant debts, your best option may be to file for bankruptcy. Our team at Piervincenti & Tarantino Law, PLLC understands that this decision is never easy, but we know from experience that it can be an effective way to help you get your business back to a financially healthy state. Chapter 11 is the type of bankruptcy that applies to commercial enterprises, and in this article, we’ll be going over the basics of how it works so you can know what to expect.
To file for chapter 11 bankruptcy, you must first submit a petition to the bankruptcy court, along with other important documents including things like schedules of assets and liabilities and schedules of current income and expenditures. Another part of the process involves submitting a plan for the reorganization of your business, and specifically, how that reorganization will allow you to pay back your creditors. If all of this sounds overwhelming, don’t panic–our team has extensive experience working in bankruptcy law, and you can count on us to guide you through every step of the process. We’ll make sure that all of your documents are in order, and we will help you create an effective plan for reorganization that will get your business back on its feet.
Our team is proud to serve the Mooresville, North Carolina community, and we want to help you do what’s best for your business. If you are considering chapter 11 bankruptcy, give us a call to consult with one of our experts.