After you have made the decision that bankruptcy is right for your business, you might want to look for the Best Chapter 11 Bankruptcy Lawyers In St. Louis MO to make sure the job is done right. Many business owners struggle with choosing between chapter 13 bankruptcy and chapter 11 bankruptcy. If you are an individual who owns a business and you are the only owner, you may be eligible for chapter 13. Chapter 13 does allow for a re-organization of debt, but it is very restrictive in several ways. First, as mentioned, you have to be the sole owner to qualify. Second, most people who are the sole owners of a business may wish they could re-organize under chapter 13 but they just have too much debt to qualify.
That is where chapter 11 comes in as an excellent option. Corporations of nearly any size – from a couple of people up to thousands of employees – can file chapter 11. This type of bankruptcy can be filed as long as your business is owned by more than one person and is classified as a LLC, a partnership, or a corporation. Chapter 11 will allow you to keep your business afloat, but it will simply require being financially re-organized.
To get a chapter 11 bankruptcy plan approved, you will need the help of the Best Chapter 11 Bankruptcy Lawyers In St. Louis MO because the courts can be quite strict on what type of repayment plans they will accept. Fortunately, a skilled attorney can work with your creditors in a few different ways. They can try to reduce the total amount owed, and they can modify current interest rates and repayment plans.
Basically, your lawyer can help you balance your finances so that you will have enough coming in to pay your newly reduced debts while still keeping the company afloat. Chapter 11 gives you the chance to get a fresh start without having to lose everything you’ve worked so hard for. This option may not be ideal for everyone, but for the small (or even large) business owner, chapter 11 can literally be a life-saver for a company. To know more Click Here.
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