Chapter 11 Bankruptcy Provides Help For Struggling Business Owners
If you own or manage a business, you understand that many financial forces are out of your control. The United States has experienced a lot of economic volatility in recent years, and that can be hard to weather, even for the most responsibly run businesses.
Thankfully, there is a solution. Many companies rely on Chapter 11 bankruptcy to restructure and repay significant debt while keeping the business open and operational. If you’re considering Chapter 11 for your Pennsylvania business, contact The Law Offices of Everett Cook, P.C., for skilled and knowledgeable guidance. Attorney Cook utilizes more than two decades of experience to help his clients seek sensible and effective solutions to their debt issues.
Why Chapter 11 Is An Attractive Option For Businesses
When a business files for Chapter 7, it permanently ceases operations and is liquidated to partially repay creditors. In some cases, this is the best or only option for a business that cannot succeed. By contrast, Chapter 11 allows a business to survive by restructuring debt, repaying creditors and creating a plan to regain profitability.
Chapter 11 may be appropriate if your business has incurred serious debt but otherwise has a profitable business model and continues to earn income. It is typically more expensive and time-consuming than other forms of bankruptcy, but many business owners are willing to incur those costs to save what they’ve worked so hard to build.
Working With An Experienced Attorney Is Critical
As mentioned above, Chapter 11 is time-consuming. It can also be highly complex. Few business owners have the knowledge or time needed to file a petition, handle all bankruptcy court proceedings, create a reorganization plan, negotiate with creditors and take care of all other details required by Chapter 11.
When you work with attorney Everett Cook, he can handle nearly all the details for you, allowing you to focus on running your business and making the changes necessary to regain profitability.
Ready To Get Started? Contact The Firm Today For More Information.
Based in Allentown, The Law Offices of Everett Cook serves clients in Bethlehem, Easton, Philadelphia and surrounding areas of Pennsylvania. To schedule your initial consultation with an experienced bankruptcy attorney, you can contact the firm online or call 610-673-0907.
Everett Cook is a debt relief agent. He helps people file for bankruptcy relief under the Bankruptcy Code.