About Our Chapter 11 Bankruptcy Practice
Chapter 11 bankruptcy is typically used by businesses, but it can be used for small business owners or specific individuals. Chapter 11 allows the restructuring of debts so that they can be repaid over time. When filing Chapter 11 bankruptcy, the business can remain active while repaying creditors.
In this type of filing, the debtor will have a set time frame to develop a reorganization plan and determine when each creditor will be repaid. Unlike Chapter 13, Chapter 11 has no limit on the amount of debt that is restricted. That is why it is used by large corporations and businesses that need to handle a great deal of debt.
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Bankruptcy is a legal lifeline for people and businesses struggling with debt through a complex court process that can reduce or eliminate certain kinds of debt.
From Our Blog
Chapter 11 for Small Businesses and SVB’s Bankruptcy
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