What is Chapter 11 Bankruptcy? Information from a Tampa Bankruptcy Attorney
Today's struggling economy has left countless American businesses in serious financial trouble. If you are a business owner fighting to keep afloat and are worrying that it may be impossible to save your business, you may be seeking relief and potential solutions for your money woes. As any Tampa bankruptcy attorney will tell you, filing for bankruptcy is often a last resort, but it can be a possible option when you have nowhere else to turn. For most businesses, the chapter of bankruptcy that applies is Chapter 11
You may wish to speak with a Tampa bankruptcy attorney for more information when considering filing for bankruptcy, but here is some basic information about Chapter 11 bankruptcy:
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A Chapter 11 bankruptcy is a complicated process often used by businesses or debtors with substantial assets.
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Your Tampa bankruptcy attorney can guide you through the proceedings that include creditors being temporarily halted from taking any action against you while a method of paying or settling your debts is proposed.
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Your creditors vote on the proposed course of action, and it must be approved by a certain number of the creditors.
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A Chapter 11 bankruptcy allows for a reorganization of a business, rather than liquidation, which might be a preferable route if you are trying to save your company.
If you own a business that is in serious financial trouble, and you'd like to get more information from a trusted Tampa bankruptcy attorney on the potential options available to you, contact Yesner & Boss, P.L. today. We offer free consultations and can lend our experience handling these types of cases so that you can make the most well-informed decision about your options and your company's future. |
