Chapter 11 bankruptcy can prove beneficial to businesses, individuals and the community. Without the ability to file a Chapter 11 bankruptcy, owners may not be able to sell their business, employees may lose their jobs, and contractual obligations may remain unfulfilled.
Chapter 11 bankruptcy can provide an important route forward for businesses that are struggling with debt. However, companies can encounter challenges when it comes to pursuing this route. Some argue that this may especially be the case for small businesses.
Your business has been struggling, and you now have debt that seems insurmountable. You have considered filing Chapter 11 bankruptcy, but you do not know if it is the right choice for you. Bankruptcy is a very useful tool for individuals and businesses that wish to discharge their debts and start over with a clean slate. If you are wondering whether to file Chapter 11, these are a few ways to determine whether this option is right for you.
No business owner wants to admit that bankruptcy is the best way to resolve unmanageable debt, but for many, that decision ultimately must be made. That creates another decision: what bankruptcy is best for your small business?
American Airlines, Kodak, General Motors; household names with one crucial thing in common -- all three have filed for Chapter 11 reorganization.
Does your company need some assistance during a rough patch that's leaving you with unmanageable debt? A reorganization of your business through the Chapter 11 bankruptcy process may be in order.