Are you a small business owner whose debt has gotten out of hand?
Are you fearful of losing your assets?
Are you constantly stressed out because of calls from your creditors?
You are not alone...
In these tough economic times, an increasing number of small business owners in America are having a hard time keeping their heads up in a sea of indebtedness. It happens even to the best of us and that's the reality. However, the most important thing is how you handle the situation and what you do about it. Shying away from the predicament, or ignoring it, will not solve the problem and in many cases will make it worse.
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Small Business Bankruptcy
In technical terms, small business bankruptcy is called Chapter 11. It is also called corporate bankruptcy and is availed by business debtors and also by individuals with significant assets and debts. Chapter 11 allows for the restructuring of finances for businesses allowing companies to function under debt re-payment plans.
The ownership and control of assets is retained by the debtor in Chapter 11. When this happens the debtor is re-termed as debtor in possession (DIP). The creditors and the debtor, in conjunction with the bankruptcy court, work together to formulate a debt repayment plan, while the debtor runs the day to day operations of the business. After the creditors agree to certain requirements such as priority over some creditors over others and fairness among creditors, the creditors vote on the proposed repayment plan. On any disagreements among the creditors, additional requirements are outlined so that the plan is confirmed.
This process can often be tedious and difficult to navigate alone. Only an experienced bankruptcy attorney has the skill to represent you so that your assets are protected, your dignity is preserved and you undergo as little hassle as possible.
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Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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