St. Augustine Chapter 11 Bankruptcy Lawyer
Just as individuals can struggle with significant debt they cannot repay, so too, do many businesses. If your business has incurred a great deal of debt, it can prevent you from creating things of value and realizing the dreams you had for your company. Fortunately, you do have options. A Chapter 11 bankruptcy can provide the chance for you to structure your company’s finances while still providing protection for your business. If you are thinking about filing, do not do it alone. Our St. Augustine Chapter 11 bankruptcy lawyer can help you through the process and advise you of your options.
What is Chapter 11 Bankruptcy?
Chapter 11 is also known as a “reorganization bankruptcy” because it allows you to restructure your company. The bankruptcy court may discharge some of your debts while allowing the business to repay other debt obligations in accordance with a schedule created during the bankruptcy process. A Chapter 11 bankruptcy may place certain restrictions on your business. In the long-term though, Chapter 11 can save the business and allow it to become even more profitable in the future because it has a more solid foundation.
A St. Augustine Chapter 11 bankruptcy lawyer can help small and large businesses leverage Chapter 11 so owners achieve a favorable outcome. Chapter 11 is not only for businesses, though. When an individual does not qualify for either Chapter 7 or Chapter 13, they can also file a Chapter 11.
How Does Chapter 11 Bankruptcy Work?
A Chapter 11 bankruptcy starts when your company files a petition with a bankruptcy court in St. Augustine. You will be required to pay an administrative fee as well as a case filing fee. You will also have to submit schedules, which list the income and expenses of your company, any assets and liabilities your business currently has, as well as your leases and contracts.
You must also submit a reorganization plan for your debts, which is subject to the approval of the court and your business’ creditors. After your plan has been approved, you can start repaying your debts while continuing to run your company.
Immediately after you file Chapter 11 bankruptcy, the court will issue an automatic stay. The automatic stay prevents creditors and debt collectors from contacting your business in an attempt to collect on the debt. This can give you more time, and reduce the stress you feel, giving you some greater control over your debt. You will also be protected from lawsuits and other legal action.
Call Our Chapter 11 Bankruptcy Lawyer Can Outline Your Options
If your business is struggling with debt, it is important to speak to a St. Augustine Chapter 11 bankruptcy lawyer who can advise you of your legal options. At the Law Offices of Carol M. Galloway, P.A., our seasoned attorney can guide you through the process and give you the best chance of a successful outcome. Call us now at 904-694-5489 or contact us online to schedule a free consultation with our knowledgeable attorney.