Chapter 11 bankruptcy allows companies to restructure their debts in order to repay creditors without going out of business. However, filing for Chapter 11 bankruptcy is a time-consuming process. Plus, not all companies qualify for this type of business bankruptcy.
With these facts in mind, you should consult a bankruptcy lawyer before proceeding. Contact Bankruptcy Advocates in Carbondale, IL today to schedule a free consultation.
You don't want to proceed with the wrong type of bankruptcy. That's why it's crucial to research your options.
Chapter 11 debtors must typically...
- Submit sensitive financial documents, such as schedules of assets and liabilities
- Collaborate with creditors to develop a debt reorganization plan
- Report financial matters to a designated U.S. trustee