Filing for bankruptcy can give you relief from your debts. Chapter 11 bankruptcy is designed to help individuals and business entities alike. Partnerships, limited liability companies and corporations can all take part in this form of bankruptcy. You have to meet a certain threshold of income in order to file this specific type of bankruptcy. Chapter 11 gives the filer a chance to reorganize one's debt and helps this person or company to have profitability after the bankruptcy and holds the debt collectors or creditors at bay for the time being.
While Chapter 7 does away with all the debt by liquidating your assets and paying creditors the money made, Chapter 11 reorganizes the debt and helps you get back on your feet financially.
Chapter 11 is unlike Chapter 13 also because it is more flexible and has no limits on the amount of debt you can rearrange. Because it is so complex, Chapter 11 bankruptcy can be a bit more expensive than the other types of bankruptcy. Legal fees can be as high as tens of thousands of dollars so you will want to choose wisely what path you will take.
At the Law Office of David A. Tilem, we have years of experience in this area. It is what we do. We know how to guide you through the confusion of bankruptcy. We will help you restructure your debt which will allow you to continue business as usual and your company can continue without any hiccups.
With our more than 30 years of experience, you know that we can definitely help you with your bankruptcy and will answer all your questions. Doing your research is important and getting all the information you can is valuable.
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