Bankruptcy – Chapter 11
This type of bankruptcy is way for viable businesses additional time to meet their debt obligations, to reorganize debts and contracts under the supervision of the Bankruptcy Court. During this process, these businesses continue to operate and do not require the oversight of a trustee unless such business have engaged in fraud or mismanagement.
Whether your business is facing too many legal actions by its creditors or is just having a hard time making all its payments timely, Chapter 11 may be your best option. A Chapter 11 attorney can aid in the business through this process. With the right legal representation, your bankruptcy can help the business, in some cases, individuals cope with debt and give you or your business a fresh start.
While in Chapter 11, and individual or business may be able to negotiate new payment schedules or negotiate agreements with creditors or collectors to resolve problem debts reduced amounts with the approval of the Bankruptcy Court.
During a period of financial hardship, a business or individual in a Chapter 11 may be facing an uncertain future. The federal law governing reorganization in Chapter 11 faces a complex set of rules and statutes that need to be carefully navigated achieve a positive reorganization.
There is a very large amount of paperwork involved in a Chapter 11 that requires, among other things, submission of detailed financial documents. HLO will prepare the documents and file the petition with the bankruptcy court. If you own or run an Arkansas business or are an individual in financial trouble, contact the HLO for a free consolation. With our experience and in bankruptcy and debt relief law, HLO and, in some cases a firm with whom HLO works closely can give you the advice and guidance you need to give your business a viable chance at becoming profitable or self-sustaining once again.