Chapter 11 Bankruptcy
Your Top Rated Local® Edina Bankruptcy Law Firm
Understanding Reorganization Bankruptcy
Chapter 11 bankruptcy is most often utilized by businesses that are in financial distress, have exhausted other debt relief avenues, and are searching for a solution that would allow them to continue their operations while settling their debt. In a Chapter 11 bankruptcy, the business restructures their debt to maximize recoveries for their creditors. The reorganized plan is put before the creditors and the court to be approved. Chapter 11 bankruptcy is a viable choice for a business that will continue their operations throughout the bankruptcy process.
Ready to learn more about Chapter 11 bankruptcy? Contact the team at MLG Legal in Edina today to schedule a consultation.
Why Chapter 11 Bankruptcy May Be the Best Decision for Your Edina Business:
- Allows businesses to reorganize debt to be paid back.
- In a Chapter 11 bankruptcy, businesses are permitted to continue their operations.
- Stops collection calls, repossessions, foreclosures, and other collection activity.
- Businesses undergoing Chapter 11 bankruptcy are eligible to obtain financing to continue business operations.
- If the business is sold during the bankruptcy process, it can be sold free and clear of all claims, liens, and other potential liability.
The Advantages of Chapter 11 Bankruptcy
Opportunity to Restructure Distressed Businesses
Businesses May Continue Operations
Stops Collection Calls, Repossessions, and Foreclosures
Ability to Sell Business Free and Clear of Claims and Liens
How to Determine If Chapter 11 Bankruptcy Is Right for Your Business
When a business is in financial crisis and is considering filing for bankruptcy, they can choose between several types of bankruptcy. Chapter 11 is ideal for businesses who would like to remain in operation while the bankruptcy is taking place. During a Chapter 11 bankruptcy,the business is permitted to restructure their debt in a way that makes it possible to pay back their creditors. If you own a business that may be heading towards bankruptcy, it doesn’t necessarily mean that you will lose your business. The team at MLG Legal in Edina can help you decide if Chapter 11 bankruptcy or another type of bankruptcy or debt solution is the best decision for you. Contact us today and schedule a consultation to learn more.
Give Your Business the Future it Deserves
Consult With Our Edina Bankruptcy Law Team
At MLG Legal, we have an experienced legal team that is standing by to discuss the financial future of your business. Whether you determine that a Chapter 11 bankruptcy is the right path for your business or you choose another debt relief option, we are here to guide you through the process to help you achieve a brighter future. Contact our team of Edina bankruptcy attorneys today and schedule a consultation to learn more.