Rick Hodge, Attorney at Law Articles Chapter 11 Bankruptcy May Be Able to Save Your Business

Chapter 11 Bankruptcy May Be Able to Save Your Business

By Rick Hodge  Mar. 21, 2011 11:17a

You may be one of those individuals who believe in hard work and fair business dealings.  You take pride in providing a valuable product or service to the community, but business is declining and bills are piling up with no relief in sight. Many businesses are in trouble due to the present economic recession and it may be time to look at what options are available to you so you don't lose your business altogether.

What are the Benefits of Chapter 11?

Filing a  Chapter 11 can buy you some time and provide you with some much needed financial relief. You are basically creating a plan for reorganizing your debt so you can pay your creditors, but not lose your business while attempting to do so. You should work with an experienced attorney to help ensure you file correctly. Following are some of the benefits of filing a Chapter 11:

  • You can negotiate loan payments and get them reduced
  • Increase the amount of time you have to pay off  loans
  • Challenge claims from creditors
  • Reject leases and contracts without fear of repercussions
  • Buy yourself time to catch up on other payments you may have fallen behind on
  • Create some breathing room so you can sell a piece of property you have equity in
  • You will experience relief as creditors will have to stop calling once the filing is underway and you will be able to focus more on your day to day business.

 

Seek Competent Help

Don't risk losing your business because of overwhelming debt; take action and get an experienced, competent bankruptcy attorney to help you. Chapter 11 bankruptcy reorganization may be just what you need to turn things to your advantage. If you are in Kansas and are having financial difficulties with your business, you should contact a Kansas bankruptcy lawyer to discuss the option of bankruptcy. At the Law Offices of Rick Hodge, Attorney at Law, we can help. We have been assisting businesses and individuals to survive creditor and financial stress for over 14 years. The leader of our firm holds and advanced certification if financial law and commercial services. 

Contact a Kansas Chapter 11 bankruptcy attorney in our office for a free consultation and we will go over the details of your financial situation, regardless of how behind you may have gotten.

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