Whittier Chapter 11 Bankruptcy Attorney You Can Count On
In recent times, the struggling U.S. economy has brought many corporations to the brink of financial ruin. Rather than opting for Chapter 7 liquidation and potentially losing your business, a Chapter 11 bankruptcy action may be the most effective way of keeping your company afloat and starting anew. For over two decades, our Los Angeles County bankruptcy firm has assisted dozens of corporate clients in developing effective yet affordable debt repayment plans through Chapter 11 bankruptcy actions.
What are the benefits of Chapter 11 bankruptcy?
Under the U.S. Bankruptcy Code, there are numerous options available for businesses that are either seeking to liquidate their corporate assets or who wish to financially rehabilitate their company. Under Chapter 11 bankruptcy, it is specifically geared towards assisting companies with reorganizing their debts and keeping their businesses open. Overall, there are a number of benefits associated with filing for Chapter 11, such as:
- It allows companies to propose their own repayment plans. The most important aspects of a Chapter 11 bankruptcy proceeding is that it enables a corporate debtor to develop a profitability plan. To illustrate, this allows the company to outline how they intend upon reducing their costs while seeking out new sources of income once their bankruptcy action is finalized.
- It enables a corporation to remain in operation. For a corporate debtor seeking a Chapter 11 reorganization, they are allowed to remain in operation while restructuring their debt and reorganizing their finances.
- It prevents a company from losing its assets. Businesses may choose Chapter 11 bankruptcy as a way to protect assets that would otherwise be subject to liquidation and sale in order to repay creditors. In essence, corporate debt is restructured under Chapter 11, and in some cases, corporate ownership may be transferred to creditors to satisfy the company’s debt.
- It allows corporate debtors to repay their debt over a period of time. Under Chapter 11, a debtor can spread out their debts, including taxes owed, over a period of time. Essentially, this frees up corporate resources in order to help a company rebuild itself and better manage its finances.
- It includes all corporate debts. All debts can be discharged under Chapter 11 bankruptcy. In other words, a business can include any and all debts in their bankruptcy action, such as tax debt, rent, equipment costs, bank loans and legal expenses.
If you are contemplating filing for a Chapter 11 bankruptcy action, it is crucial to work with an attorney that has the skills and experience necessary to handle these complex types of cases. Chapter 11 reorganizations can be extremely complicated, requiring the assistance of a bankruptcy lawyer who can evaluate the facts of your case and develop proactive yet practical solutions to addressing the situation. Contact us today to learn about how we can help you save your business.
Contact us now to learn more about your business bankruptcy options
At the Goldbach Law Group, our team of legal professionals is uniquely qualified to handle your Chapter 11 bankruptcy action, no matter how challenging or complex. For over 24 years, we have been proudly representing clients located throughout Los Angeles County, including the Whittier, Norwalk, and Downey and El Monte areas. For a free confidential consultation, contact us today at (562) 696-0582 to learn more about our comprehensive legal services. Don’t wait to obtain the legal representation that you deserve.