Contrary to what you may have heard, bankruptcy is in no way, shape, or form a bad thing. In fact, it’s quite the opposite – a respite from your financial troubles and a true lifesaver in your time of need. Filing for bankruptcy alongside a team of San Diego, CA’s reputable Chapter 11 bankruptcy lawyers will turn your business around and get you on the fast track to new professional successes. But first, let’s see what Chapter 11 can do for you and how it works.
What is Chapter 11 bankruptcy?
Chapter 11 is a type of bankruptcy that allows businesses, companies, corporations, and sometimes individuals to reorganize their debt, assets, and business affairs into a repayment plan that features a single monthly installment.
Many say that Chapter 11 is the most complex, complicated, and demanding form of bankruptcy to file. However, that’s absolutely not true if you hire an expert team of bankruptcy attorneys. With professionals at your side, Chapter 11 becomes a breeze that will introduce numerous benefits to your life and business.
How does Chapter 11 bankruptcy work?
It’s one thing to know exactly what Chapter 11 is, but it’s another thing entirely to know how it works. However, don’t get frightened – it’s not that difficult. Although Chapter 11 can be a complicated process, it gets easy alongside experienced and knowledgeable lawyers. With adequate assistance, here’s how your claim will transpire and what you’ll get from it:
It puts a stop to collections
One of the best things Chapter 11 does for you and your business is that it puts an immediate stop to all the collection processes against you. Isn’t that amazing? Once automatic stay kicks in, no more phone calls and pursuits from your pesky creditors. Freedom at long last! You’ll get plenty of breathing room and time to think about reorganizing your finances. For example, this bankruptcy immediately stops:
- Collection trials
- Property seizures
- Till taps
- Bank levies
- Foreclosures and evictions
- Payment requests
- Various additional collections procedures
You keep running your business
Unlike Chapter 7 or Chapter 13, Chapter 11 doesn’t feature the appointment of a bankruptcy trustee. What does this mean? Well, this allows you to retain control of your company and continue its regular operations without a trustee overseeing your actions and controlling them. You remain in charge of your company as “debtor in possession”, and it continues until you finalize the process and get out of your financial struggles.
You receive relief from debt
The main goal of Chapter 11 bankruptcy is creating a sound repayment plan that allows your business to remain in operation while you keep repaying certain debts to your creditors. This means that both you and your creditors are happy with your finances while you keep control of your business and continue your life.
Your repayment plan will also involve the downsizing of your debts, as well as the complete discharge of some of your debt. Once all parties agree on the reorganization plan, you receive immediate debt relief and discharge, move on with your personal and professional life, and find a secure financial footing again. And who wouldn’t want that?
Where in San Diego, CA can I find reputable Chapter 11 bankruptcy lawyers to help me?
Chapter 11 can be complex to navigate and file successfully, but it will end up being one of the best decisions of your life and career. However, before you start to look for a reputable bankruptcy attorney, you have to prepare for the process. See what the biggest benefits of Chapter 11 are, and then explore whether Subchapter 5 might be a better option for your business due to the numerous unique benefits this bankruptcy brings.
Once you’ve done all that, it’s time to hire the services of a reputable Chapter 11 lawyer in San Diego. Find a lawyer who has the experience and the knowledge to take proper care of your bankruptcy. Then, make sure you feel comfortable around them. Or simply contact the Bankruptcy Law Offices of Mark L. Miller and allow us to help. We tick all the boxes and we will ensure a fruitful and smooth bankruptcy. Reach out to us today!