Lafayette Chapter 11 Bankruptcy Lawyer
Like consumers, businesses can find themselves embattled in financial struggles that threaten to topple their stability. When this happens, companies may turn to Chapter 11 bankruptcy to restructure their businesses. This allows them to remain in business while making their debts more manageable.
Chapter 11 bankruptcy may not be the right choice for all businesses, so business owners are encouraged to learn more about their bankruptcy options. If your business is facing severe financial problems, contact Lafayette Chapter 11 bankruptcy lawyer Adam G. Young, PLC, today at 337-261-8800.
Understanding Chapter 11 Bankruptcy
Chapter 11 bankruptcy allows businesses to restructure their operations so that they can become more profitable. Unlike Chapter 7 bankruptcy, businesses that file for Chapter 11 bankruptcy do not need to liquidate their assets or discontinue business operations during the bankruptcy process.
Benefits of Chapter 11 Bankruptcy
Technically, Chapter 11 bankruptcy is open to both businesses and consumers, but businesses stand to benefit the most from Chapter 11. Under Chapter 11 bankruptcy, businesses are allowed to:
- File for protection on an unlimited amount of debt
- Receive automatic stay protection from creditors
- Remain in business during bankruptcy proceedings
Typically, the only businesses that will want to declare Chapter 11 bankruptcy are those that believe they can become more profitable and pay off their debts. Businesses with insurmountable debts may want to consider filing for Chapter 7 bankruptcy.
How an Attorney Can Help
Bankruptcy is a difficult legal process, so having an experienced lawyer on your side while your business goes through Chapter 11 bankruptcy can help to:
- Assure you abide by bankruptcy laws
- Protect your legal rights
- Complete your bankruptcy procedure correctly
If you are facing bankruptcy, contact a Lafayette Chapter 11 bankruptcy attorney today to learn more about the process.
Chapter 11 bankruptcy may be what your business needs to start anew and become profitable. If you think your business could benefit from bankruptcy protection, contact Lafayette bankruptcy attorney Adam G. Young, PLC, at 337-261-8800 today to schedule a free consultation.