Restructuring Under Chapter 11 Bankruptcy

Most businesses may be able to get out of debt by filing for one of two chapters of the United States Bankruptcy Code – Chapter 7 or Chapter 11. An additional chapter, Chapter 12, is available to those running small farms and fisheries. Over 56,000 businesses filed for bankruptcy across the United States in 2010, and many of these were Chapter 11 filings. Chapter 11 bankruptcy is a popular option because it gives businesses the option of remaining open and continuing business operations during and even after the bankruptcy process.

If you are looking to file for Chapter 11 bankruptcy, you will have to restructure your business’ finances in order to repay your creditors. If you have any questions about how Chapter 11 bankruptcy can save your business, make sure you speak with a skilled bankruptcy attorney. Contact an Arizona bankruptcy attorney at the Harmon Law Office, LLC, today by calling 480-829-0494 and take the first step toward debt forgiveness.

What does Restructuring Mean?

The concept of restructuring a business may be foreign to many business owners. By consulting with a qualified attorney, he or she can help discuss the following restructuring actions with you:

• Eliminating unneeded positions or employees
• Creating a new business plan
• Creating a new product or service to offer

If a business cannot be restructured through Chapter 11 bankruptcy, they may be forced to instead file for Chapter 7 bankruptcy. Unfortunately, this action would permanently close the business.

Contact Us

For more information about Chapter 11 bankruptcy and how you can restructure your business, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 today.