What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy provides court-ordered debt relief and financial restructuring for businesses and individuals under the Bankruptcy Code. Chapter 11 bankruptcy has saved many Connecticut businesses from closing their doors under the strain of seemingly insurmountable debt. It is an excellent solution for basically sound companies facing serious financial crisis.

Chapter 11 allows an owner to maintain operation of a business and reorganize through a court protection process when other methods of negotiation and out-of-court resolutions have failed. Through proper Chapter 11 relief, a business is enabled to continue normal operations, even in the event of lawsuits, levies, or attachments from all types of creditors.

THE CHAPTER 11 BANKRUPTCY PROCESS

Chapter 11 provides an automatic stay or stoppage on collection actions while providing one local court for the hearing and disposition of all claims by or against the Chapter 11 company. It also provides a convenient forum for our Chapter 11 attorneys to dispute and resolve claims against company assets and promptly collect from parties owing money to the filing company. A filing under Chapter 11 can save your life’s work in the hands of an educated and experienced Chapter 11 attorney at the Law Offices of Neil Crane..

Chapter 11 provides the company a hiatus on all payments through a court-ordered period where no payments need to be made on debt incurred prior to filing. This provides the company or filing individual the necessary relief and time to reorganize. During this period, the company is free to operate its normal business without interference from creditors or the Court. Chapter 11 cases conclude with a Plan of Reorganization. The Chapter 11 Plan provides for affordable repayments on reduced debt and past obligations.

You may want to consider Chapter 11 bankruptcy for your business debt if you face pressing financial concerns that threaten your company or personal financial future; including:

  • Overwhelming debt payments
  • Liability related to a lawsuit
  • Tax problems with the IRS, state or local taxing authorities
  • Bank or Lender lawsuits
  • Landlord-tenant conflicts
  • Inability to pay certain debt obligations
  • High interest consumer debt obligations
  • Interference with the financial health of your household
  • Other business debt problems

Business Debt Problems Lead to Personal Debt Problems

All small business problems have a direct impact on the personal finances of their owners. At the Law Offices of Neil Crane, we know that business financial problems require a coordinated reorganization of the business and its owners. With proven methods and experience in all aspects of personal and business Chapter 11 proceedings, we produce a comprehensive solution to all your business and personal needs. We have over three decades of experience with out-of-court workouts, Chapter 7 Bankruptcy, Chapter 13 and Chapter 11 Bankruptcy Reorganizations.

Learn more about our small business bankruptcy services and how our Connecticut Chapter 11 bankruptcy attorneys can help you obtain the debt relief necessary to save yourself and your small business from insolvency.

Consult With Our Connecticut Small Business Chapter 11 Debt Relief Attorneys

We offer a free consultation regarding Chapter 11 bankruptcy. Please do not hesitate to call us today at 203-230-2233 or complete our online contact form to discuss your questions and concerns with an experienced business and personal debt relief attorney at the Law Offices of Neil Crane.