Bacliff Chapter 11 Bankruptcy Lawyer
The United States Bankruptcy Code exists for what is essentially a noble purpose. Despite all the negative associations that society has attached to bankruptcy, its aim is to help debtors and creditors achieve a resolution that grants both parties at least some of what they are seeking. Debtors gain some freedom from an unmanageable debt load and creditors typically recoup at least some of the monies they are owed. When a business is struggling but is not beyond repair, a Chapter 11 bankruptcy can allow it to restructure its financial obligations so that its doors can remain open.
The Bacliff Chapter 11 bankruptcy lawyers of Gipson, Norman & Root can help you determine if bankruptcy is the best choice for your business’ current situation. Contact us at 800-291-0898.
Three Key Steps in a Chapter 11 Bankruptcy
To someone unfamiliar with the process of filing for bankruptcy, it can seem like a confusing and overwhelming task. But you do not have to be familiar with the ins and outs of Chapter 11 bankruptcy. That is the responsibility of your attorney. Let an experienced legal professional handle the details so that you can focus on running your business.
In general, the three key steps of a Chapter 11 bankruptcy are:
- Filing for bankruptcy – At this stage, you will present information about your debts and assets.
- Negotiation and repayment – You will renegotiate the terms of your obligations with your creditors and make payments pursuant to a payment plan established by the Bankruptcy Judge.
- Re-evaluation – The Bankruptcy Judge will review your case to see if you have made satisfactory progress and should be allowed to emerge from bankruptcy or if a Chapter 7 filing will be necessary.
Contact Us
Get your business back on the path to financial freedom. Contact the Bacliff Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898.
