Chapter 11 bankruptcy is often portrayed as an option that is limited to billion-dollar corporations. However, your local Kansas City business—no matter its size— can enjoy the same protections Chapter 11 provides for giant companies. Here are four ways filing for Chapter 11 can help a business get back on track. 1. Stay Open Many business owners think of bankruptcy as synonymous with closing. The opposite is true. If your business is on the verge of closing due to creditor actions or foreclosure, a Chapter 11 bankruptcy filing is the first step you can take to stop the actions creditors take against the business. Instead of marking failure, this Chapter of bankruptcy is specifically designed as a second chance for businesses, because it allows businesses to stay open while restructuring their debts. 2. Reclaim Control of the Quality of Products and Services With financial affairs restructured, the business has more…
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If your business is struggling to pay back creditors, then it is important to review debt relief options that could help resolve your situation. Creditors may file lawsuits if you do not pay your business debts. The best option for debt relief depends on your situation and the future goals of your business. Debt relief options for your business could include: Chapter 11 bankruptcy: If your business files for Chapter 11 bankruptcy, it may receive several immediate benefits. After you file, creditor lawsuits and collection attempts may come to a halt. You could also retain control over most business operations and decisions. Chapter 11 bankruptcy allows you to reorganize business debts. For example, your business may be able to renegotiate lease agreements. Payment plans during a Chapter 11 case can last for up to ten years. Chapter 7 bankruptcy: If you want to halt operations and liquidate your business assets…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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