Benefits of Chapter 11 Bankruptcy
Experiencing downturns or slow periods is simply part of doing business. Unfortunately, a company’s financial problems sometimes run deeper than that. When a business has accumulated more debts than can realistically be repaid, it may be time to consider the option of filing for bankruptcy. For most businesses, this will involve filing under Chapter 11.
Chapter 11 bankruptcy, also known as business reorganization, can be the most efficient way to restore your company’s financial stability. If you think it may be the right option for your business, the Harmon Law Office, LLC can help you at every step of the way. Call our Arizona bankruptcy lawyers today at 480-829-0494.
How Arizona Chapter 11 Bankruptcy Can Help
Every bankruptcy case is different, but filing for a Chapter 11 business bankruptcy can be helpful in several ways. Some advantages of this process include:
- The opportunity to repay your business debts. Running a profitable business is very hard when you have to cope with constant phone calls and letters from angry creditors. By following the Chapter 11 repayment plan, you can repay your secured debts and even most of your unsecured debts.
- The opportunity to keep your business running. You will probably need to change your business’s structure while carrying out your repayment plan, but your business will still be operating. This means employees can keep their jobs and salaries.
- The automatic stay. Once you file, the judge will order an automatic stay against most of your creditors. This will stop them from contacting you or taking any action against you. This can give your company the time you need to begin regrouping and planning for the future.
If you have any questions about the pros and cons of business reorganization, our Arizona Chapter 11 bankruptcy attorneys are ready to answer them.
Contact Us
The Harmon Law Office, LLC offers efficient and dedicated service to each of our clients. Contact our Arizona Chapter 11 bankruptcy lawyers today at 480-829-0494.