Are you a business owner who is facing serious debt and hoping to keep your doors open? You may be able to structure a repayment plan to pay off your debts by working with an experienced Clay County Chapter 11 attorney.
Chapter 11 bankruptcy gives business owners the option of making a reorganization plan so they can repay their creditors and keep their businesses afloat. You don’t have to shut your doors simply because you have an enormous amount of debt that seems impossible to overcome. Chapter 11 could be the right choice for you if you want your business to achieve financial success.
You can secure the financial freedom your business deserves by speaking with an experienced Clay County Chapter 11 lawyer at Rowdy G. Williams Law Firm. We can help you throughout the Chapter 11 bankruptcy declaration process.
Do You Qualify for Chapter 11 Bankruptcy?
You’ll be able to file for Chapter 11 bankruptcy if you are a business owner who wants to keep your business open without resorting to filing for Chapter 7 bankruptcy. In Chapter 11, you’ll be able to repay your creditors and have your debts discharged, as opposed to liquidating your assets as you would with a Chapter 7 declaration.
Declaring Chapter 11 Bankruptcy in Clay County
Prior to filing for Chapter 11, you’ll need to create a disclosure statement that lays out your assets and liabilities, income and expenses, and your debts and creditors. You will also need to complete a credit counseling course. You will need to provide the certificate of credit counseling completion and your financial statement to the court.
Then, the judge presiding over your case will issue an automatic stay, which will prevent your creditors from attempting to collect your debts from you and your co-signers, where applicable. Next, you and your Chapter 11 lawyer in Clay County will have a meeting with your creditors, where we will renegotiate your outstanding debts and listen to their suggestions for your reorganization plan.
Making Your Repayment Plan
When planning your Chapter 11 reorganization, you and your Chapter 11 attorney in Clay County will consider all of your debts and the best way to go about repaying your creditors. We will need to work with your creditors when disagreements arise, as the judge will only approve your petition once the parties vote to approve the repayment plan.
If creditors disagree with your plan of reorganization, they can submit an alternative plan to the court. Fortunately, your attorney can help you reach favorable terms in your negotiations with creditors and gather all the supporting documentation you’ll need.
Call a Clay County Chapter 11 Attorney
Getting your business out of debt can feel like a never-ending uphill battle. Contact a qualified Clay County Chapter 11 lawyer at Rowdy G. Williams Law Firm today to discuss the details of your case. You can schedule a no-obligation consultation by completing the contact form below or giving our office a call at 1-812-232-7400.