Chapter 11 Bankruptcy Can Have Multiple Uses
Chapter 11 is typically filed by businesses, but sometimes a person with an income over the Chapter 13 limit uses it as well. In either case, we suggest that you contact a lawyer as soon as possible because this chapter takes significant time and work.
You can trust the attorneys at Woodall & Woodall to help you through Chapter 11, whether you are a business owner or an individual with a high income. Please speak with one of our lawyers today to learn more about what we can do for you to provide debt relief and end creditor harassment.
Financial troubles can hit anybody, anywhere at any time. We want you to know that our firm is there. We serve Valdosta and the communities beyond, including Albany and Thomasville. If you are struggling, we can give you options. We have the knowledge and expertise necessary to guide you.
How Chapter 11 Works For Individuals And Businesses
Chapter 11 bankruptcy is available for businesses, partnerships and corporations undergoing a cash-flow crisis. When Chapter 11 bankruptcy is complete, the business will keep operating. Chapter 11 can also be filed by people who are over the debt limit for filing a Chapter 13.
Reorganizing a business's or individual's finances is the main goal of a Chapter 11 bankruptcy. The individual or business must file a reorganization plan within 120 days from filing Chapter 11. This plan has to be approved by a creditors' committee and the bankruptcy court. We will work with you to create the reorganization plan, keeping your goals in mind throughout.
After the plan is approved, the business or individual will repay some of the obligations. Under the plan, the business or individual is allowed to discharge certain eligible debts. Chapter 11 also allows the business to discontinue or renegotiate some contracts and leases, which can add to the overall debt relief savings.
Helping Clients In Southern Georgia
Please call our Valdosta law office at for a free consultation. You can also complete the online contact form if you prefer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.