File For Reorganization Bankruptcy With Our Help
At Flynn Law Firm in Cabot, Arkansas, we are committed to helping you file for Chapter 11 bankruptcy so that you are allowed to maintain control over your assets or business operations while paying off your debts. Let our experienced attorney guide you through submitting a case under this specific bankruptcy option.
Filing For Reorganization Bankruptcy
This type of bankruptcy focuses on debt reorganization. It allows business owners to remain in control of their operations and avoid liquidating their assets. Meanwhile, individual debtors can file for Chapter 11 bankruptcy to ease their debt burden, especially if they exceed the Chapter 13 Debt Limits.
What Is A Chapter 11 Bankruptcy And Why Do Individuals Or Companies Choose To File A Chapter 11?
A chapter 11 bankruptcy is a much more involved, complex, and time-consuming process that is more customized to the circumstances of one’s case. The fees are also higher, and it can take longer than five years. Chapter 11 is usually for businesses that plan to continue operating without the bankruptcy protection of chapter 11. This gives the business an opportunity to regroup, reorganize, and force a payment plan onto their creditors that the creditors were not willing to agree to without a bankruptcy in place.
When an individual files a chapter 11 bankruptcy, it is usually someone with multiple millions of dollars in debts. They usually have debts that exceed the chapter 13 debt limits.
For more information Bankruptcy Law in Arkansas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (501) 819-8090 today.
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