You’ve probably heard dreadful stories about bankruptcy and how it’s the end of the world as you know it. Well, at least one part’s right – bankruptcy will end your financial troubles and place you on the road to new professional victories. First, inquire about who San Diego, CA’s foremost Chapter 11 bankruptcy attorneys are, and then turn your attention to what you can expect to gain from this bankruptcy. Chapter 11 brings some amazing benefits and turns your life around.
What are the benefits of Chapter 11 bankruptcy?
Bankruptcy can be a true godsend, especially with expert attorneys helping you. If you’re a business owner, and if you find yourself in trouble, Chapter 11 can transform your operations and get you out of your tight spot. However, most business owners are not familiar with the benefits of this bankruptcy and how it can help them. It’s high time that changed:
Keep your business operational
The single biggest benefit of filing for Chapter 11 bankruptcy is that you get to keep your business running and earn money. For example, Chapter 7 involves a wind-down of all your business operations and the liquidation of some of your assets. None of that with Chapter 11. With it, you keep your business open with minimal supervision from the court.
And that’s what matters. You’ve worked tirelessly to get your business up and running and spent countless hours expanding it and improving your operations. Seeing it close down is the last thing you want, and that’s exactly what Chapter 11 grants you. Nothing stops, you keep going, and you gradually repay your debts through a reorganization plan.
No more creditor actions
Chapter 11 immediately introduces automatic stay, which prevents creditors from taking action against you. No more harassment, phone calls, texts, and all other stress-inducing behavior. You’ll finally be free from all the nerve-wracking situations your creditors contribute to.
Your creditors will have to stop all financial lawsuits against you, and they will be unable to start or move on with all levies, liens, foreclosures, repossessions, and other debt-collection procedures. You’ll get the breathing room you need to get your business back on track and bounce back from your financial troubles.
Obtain favorable loans
Once you begin the process of filing for Chapter 11, you are entitled to seek immediate authorization of additional financing for your business. This is called debtor-in-possession financing, and it will allow you to keep meeting all your ongoing expenses, such as supplies and payroll, without impacting your operations.
Once the court approves your new loans, you will receive preferential terms that allow you to prioritize the repayment of this new loan over pre-petition liabilities and debt. This allows lenders to have faith in your ability to repay their loans and allows you to fast-track your road to new financial stability.
Who are San Diego, CA’s leading Chapter 11 bankruptcy attorneys?
Bankruptcy can sound daunting, especially after hearing all the unsubstantiated opinions about it. However, when you find good bankruptcy attorneys, this is going to change your life and business for the better. However, first, see how Chapter 11 actually works. Then, explore the many unique advantages of Subchapter 5 and see whether this type of bankruptcy might be a better fit for you. Then, get cracking on finding your lawyers.
Lucky for you, you won’t have to search far and wide – simply turn to the Bankruptcy Law Offices of Mark L. Miller. We’re the leading experts in bankruptcy law in San Diego and all its surrounding areas. We’re dedicated to making our clients regain their freedom and breathe easily again. We offer a free initial consultation and we’ll do everything in our power to help you. Our offices are very near the Old Town San Diego State Historic Park, so stop by today!