Minnesota Chapter 11 Bankruptcy Attorney
Chapter 11 Bankruptcy Information
In today's tough economy, it is not only families and individuals that are struggling with debt. Businesses are also having trouble keeping control of their finances. There are a number of reasons why your business could not be profiting as much as you had hoped. You may have calculated the costs incorrectly; the rent in your building may have gone up; your customers may not be buying as much as you would hope; your stock may have increased in price. Whatever the reason or reasons for your financial problem, there is an alternative to closing your shop and admitting defeat. This alternative is called Chapter 11 bankruptcy.
Similar to Chapter 13 bankruptcy, Chapter 11 bankruptcy is considered a 'reorganization' of your debts rather than total liquidation. Additionally, Chapter 11 typically allows the debtor to keep his property and value. H owever, the
process is usually reserved for the following entities:
- Businesses
- Sole proprietorship
- Partnerships
- Corporations
- Individuals who do not qualify for Chapter 13 bankruptcy with unsecured debt higher than $336,900 or secured debt higher than $1,010,650.
For those who do not want to file for Chapter 7 bankruptcy, Chapter 11 offers an excellent alternative to get your business back on track without selling everything. Most businesses that file for Chapter 7 will cease to operate; with Chapter 11 bankruptcy, this is not the case. You can continue to operate but will be put under a reorganization debt management plan to ensure your business is heading in the right direction. The bankruptcy court will also order all creditors to stop harassing your business and you will be able to operate without any hassles. A
Minnesota bankruptcy attorney is available to help you if you are considering Chapter 11 for yourself or for your business.
Filing for Chapter 11 Bankruptcy
When it comes to Chapter 11 bankruptcy, your first step is to contact an attorney at the law firm of Heimerl & Lammers to determine if this is the right move for your business. We will assist you in going over your finances and any related information , which may include the following:
- Prior history and cause of the filing
- Assets and liabilities
- Income and expenses
- Treatment of creditors
- Projection of earnings
- Liquidation analysis
Once we have a clear pictur e of your business portfolio, we will be able to help you out with the filing and the management plan. We will be by your side through the court hearing and ensure that the management plan works for your business needs. Contact our bankruptcy team today for a free consultation. We have many years of experience in Chapter 11 filings and can help ensure that your business stays afloat during these tough economic times.
If you or your business is experiencing significant financial trouble, contact a Minnesota Chapter 11 bankruptcy lawyer who can help determine if Chapter 11 is the best option for your circumstances.