Stay in Business by Filing Chapter 11 Bankruptcy
Chapter 11 Bankruptcy
It seems as though nearly every American person or business has been suffering from financial loss due to the recession: jobs are cut, families have had to deal with foreclosures, and businesses have gone under. If you, like many Pennsylvania residents, own or are part of a large company that has been hit hard by the recession, you may be considering filing for bankruptcy. Bankruptcy exists to save companies from being strangled by debt, and by hiring the experienced Wilkes-Barre, PA chapter 11 bankruptcy attorney C. Stephen Gurdin, with his help, you may be able to save your business.
Chapter 11, or “rehabilitation” bankruptcy, is a type of bankruptcy that is used primarily by large corporations. It gives companies the time they need to begin the process of dealing with overwhelming debt. It can stop the IRS from hounding you with calls, it can stop creditors from harassing you, and it can keep any remaining assets your business still has in the business. Unlike types of liquidation bankruptcy like Chapter 7, when filing Chapter 11 bankruptcy, your company will be able to keep most of its assets and keep its doors open during the process, allowing you to continue to grow your business while dealing with the financial restructuring. This reduces any potential damage to your business, and allows you to emerge, stronger and more viable.
In Chapter 11 bankruptcy, your company will be able to consolidate its debt into one comfortable monthly payment that your company can afford to pay, which will then be paid over an established period of time. In addition, your company will be reorganized so that it runs more efficiently, as the causes for financial difficulties are identified and the necessary changes made so that the financial pitfalls don’t happen again. Also, if your company is able to make the payment on time every month, it can potentially be arranged by your Pennsylvania Bankruptcy Attorney that creditors will forgive any outstanding balance on your debts. It is by hiring the skilled Wilkes-Barre Chapter 11 bankruptcy lawyer C. Stephen Gurdin that this process will be efficient, which can make the difference between closing down or staying in business.
Don’t let your business flounder like so many Americans have.
Contact experienced Wilkes-Barre, PA Chapter 11 debt relief lawyer C. Stephen Gurdin at his office in Wilkes-Barre at 570.826.0481 to start the process of saving your business.