If you are a struggling business owner facing debts that may force you to close your doors, reach out to a qualified Vigo County Chapter 11 bankruptcy lawyer who can help you establish a plan of repayment so your business can once again thrive.
Before you make the decision to shut down your business, you might want to consider the possibility of filing for Chapter 11 bankruptcy. If you do so, you’ll be able to formulate a plan of reorganization that could allow you to remain open and repay your creditors.
With an experienced Vigo County Chapter 11 lawyer at Rowdy G. Williams Law Firm by your side, you can finally relax, knowing that you are only a few steps away from securing financial freedom and the fresh start you deserve.
Who Qualifies for Chapter 11 Bankruptcy?
People who operate small or large businesses will most often file for Chapter 11 when there are few options left to consider for pulling themselves out of debt. Chapter 11 might be the right choice for you if you don’t want to resort to the sale of your possessions and assets, as with Chapter 7 bankruptcy, but still want to make good on your debts.
Filing for Bankruptcy
When you first make the decision that Chapter 11 is right for you, you will need to complete credit counseling and provide a certificate of completion to the courts. You will also need to compile a disclosure statement that lists the income and expenses of you and your spouse, your creditors and the debts associated with them, and your assets and liabilities.
Once a judge has received this picture of your financial situation, he or she will issue an automatic stay, during which time your creditors will need to cease all collections activities. A Chapter 11 lawyer in Vigo County will meet with your creditors to negotiate your debts as low as we can and allow them to make suggestions that pertain to your plan of reorganization.
Your Plan Of Reorganization
A plan of reorganization is essentially a repayment plan that will continue to pay off your debts while you retain possession of your belongings. When the creditors disagree with your plan, they will have the opportunity to make suggestions of their own. A judge will only approve your petition for Chapter 11 once we are able to come to a reasonable agreement with your creditors.
If at some point you are no longer able to make the agreed-upon payments, a hardship discharge can be issued. This will release you from your debts effective immediately. Hardship discharges are issued very infrequently and can only be obtained if you weren’t responsible financial hardship in question.
Talk to a Vigo County Chapter 11 Attorney
If you aren’t sure what you should do to tackle a tremendous amount of debt, schedule a free case assessment with a dedicated Vigo County Chapter 11 lawyer at Rowdy G. Williams Law Firm today. You can do so by filling out the convenient contact form we’ve provided below or by calling our office at 1-812-232-7400.