Chapter 11 Bankruptcy Lawyer Largo, Maryland

Chapter 11 Bankruptcy

Chapter 11 Bankruptcy is most often sought by business corporations, sole proprietorships, and partnerships. It can also, in some cases, be sought by individuals who are not business owners. What makes the Chapter 11 Bankruptcy filing important is that it allows the debtor to retain control of the business and reorganize the business and the debts in a manner that allow the business to continue to functioning. This is also why it is referred to as a “debtor in possession” albeit under the scrutiny and the supervision of the court.

Chapter 11 Bankruptcy is most often sought and granted in cases where it is believed that the value of the business would be maximum if the business is reorganized and managed differently or sold as a going concern. By preventing creditors from seeking the repayment of all debts simultaneously and providing access to credit, a Chapter 11 Bankruptcy allows the business to continue functioning. Many businesses emerge stronger and more profitable after being reorganized under a Chapter 11 Bankruptcy.

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Filing for a Chapter 11 Bankruptcy is a complex process that requires time, effort and resources. This is why it is absolutely critical that the organization or individual undergoing the process engage the services of experts to guide them through it.

In order for the plan to be confirmed, the plan must be approved by the court and many if not all of the creditors. The counsellors at Rowena N. Nelson, LLC will help you not only with the process of filling for the Chapter 11 Bankruptcy but also with the legal aspects of the reorganization plan to ensure that it passes the scrutiny of the court.