If you own a business and are struggling with debt, it is important to know that you have legal options. It can be a very unsettling experience to try to keep your business afloat when debts keep piling up. At the Bankruptcy Legal Group, our San Diego chapter 11 bankruptcy attorneys can help you determine a plan that keeps the best interests of your business in mind.
What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is a type of bankruptcy that is typically used by businesses and corporations. In Chapter 11 bankruptcy, a debt repayment plan is established, as the business will likely be able to continue operating and making a profit. This will give the business an opportunity to generate enough revenue to eventually pay off creditors under the debt repayment plan.
In general, businesses are not required to sell off assets in Chapter 11 bankruptcy, since doing so may likely affect their ability to operate and generate revenue.
Our chapter 11 bankruptcy lawyers in San Diego represents small businesses, partnerships, corporations, non-profits and other businesses seeking debt relief under Chapter 11 bankruptcy. Our lawyers can explain how bankruptcy will work specifically for your business.
Can Filing Chapter 11 Bankruptcy Avoid Commercial Foreclosure?
Although Chapter 11 bankruptcy cannot stop commercial foreclosure, doing so can give you time to come up with a plan for saving your commercial property. Renegotiating your mortgage to a lower term may be a viable option. Refinancing may also be an option. Our firm can discuss options specific to your circumstances.
Contact a San Diego Chapter 11 Bankruptcy Lawyer Today!
To learn more about the Chapter 11 bankruptcy process, contact a San Diego chapter 11 bankruptcy attorney from our firm today. We can explain your options and help you determine the best way to get your business out of debt. Call 619-233-4415 or contact us online.Get a Free Case Evaluation