At Scura, Wigfield, Heyer & Stevens, LLP, we understand that filing for bankruptcy is not an easy decision to make. However, for many companies that are struggling financially, a commercial bankruptcy could be an appropriate option. While the Chapter 11 bankruptcy process can be rather complex, our experienced attorneys have helped past clients successfully navigate the process.
A Chapter 11 bankruptcy is handled much like a Chapter 13 bankruptcy, because it allows the business to reorganize its debts and develop a repayment plan. Our knowledgeable legal team works one on one with our clients, helping them develop a workable repayment plan to present to the bankruptcy court. In these matters, it is important that business owners understand their current debt problems and how their plan could help with a turn around in the short-term and the long-term.
Dealing with debt is never an easy task to take on, but it is something that business owners need to understand. In order to gain a full picture of a financial situation, businesses should take strategic steps to address business debts. This could help a business stay afloat and prevent it from shutting its doors for good.
To learn more, contact our Chapter 11 Bankruptcy Attorneys today at Scura, Wigfield, Heyer & Stevens, LLP.