Get Help From a Chapter 11 Lawyer in Pennsylvania
A Chapter 11 bankruptcy is a debt reorganization plan that helps businesses keep their doors open. It doesn’t matter if you are a small or medium business owner. This chapter is written to protect all business structures, including those operating as a sole proprietorship, partnership or corporation. Even the most successful corporate entity can reach its financial limit, and the Law Offices of Paul McElrath has been helping Pennsylvania business owners for 15 years. We have a knowledgeable Chapter 11 attorney ready to discuss your options with you.
Reorganize Your Finances
Protection under this code gives SMB owners an opportunity to propose a plan to their creditors in court. This plan restructures their debts so they can pay creditors over time. Our Chapter 11 lawyer will go over your bills with you and come up with a debt restructure that fits into your current budget, yet is appealing to your creditors. If enough creditors accept your restructure, the court should approve your bankruptcy.
How This Benefits Your Business
Initial filing begins what is called the “automatic stay.” This means that you are protected immediately from further creditor action. Other advantages Chapter 11 affords include:
- Absolving unsustainable debt, interest rates and finance charges.
- Adjusting other debt, interest rates and finance charges.
- Rewriting mortgage and other investment term durations to lower monthly payments.
- Rearranging your finances for better control.
This is one of the most complicated chapters in the bankruptcy code, so seek guidance. Don’t go through this process alone.
Let Us Help You Restructure Your Debt
A Chapter 11 lawyer at the Law Offices of Paul McElrath is ready to discuss your personal and business debt restructuring options. In some cases, you may also qualify for protection under a Chapter 13 bankruptcy. Call us today at 800-405-0935. We offer free consultation and weekend appointments.