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Is Chapter 11 Bankruptcy Right for You?
Bankruptcy offers the amazing ability to take control of a bad financial situation. While bankruptcy is hardly an ideal situation for a business or individual, it is a powerful tool that can provide relief when nothing else can. Chapter 11 gives you the right to propose a plan to re organize your debt – this is an especially useful option for businesses and business owners dealing with angry creditors. After undergoing credit counseling, you may have the option to shape how your debt is handled through Chapter 11.
At Nicolet Law Office, S.C., a Chapter 11 bankruptcy lawyer can help you rebuild your life and your finances. Whether you are looking to file bankruptcy as an individual, or to protect your business or business assets, we can help you get the answers you need to protect your future. We have helped countless clients throughout Wisconsin get on top of their debt problems and emerge in strong financial shape.
The Benefits Of Chapter 11 Bankruptcy
As with other forms of bankruptcy, one of the primary benefits of Chapter 11 is the automatic stay. After your petition is filed, you will begin to see the benefits provided by bankruptcy protection, as the bankruptcy court halts many of the actions taken by creditors to collect your debt. This includes other lawsuits, foreclosures, repossessions and more.
An additional benefit of Chapter 11 is that those who file can often use the debt reorganization process as leverage to secure lower interest rates. Facing the possible cancellation of a debt, some creditors are willing to negotiate favorable terms that allow you the breathing room you need to get back on top of your financial situation.
Unsecured tax debt is another problem that Chapter 11 can help address. The reorganization plan can include an extension of up to five years to pay off these tax debts.
For business owners, one of the primary benefits of Chapter 11 is that you can continue to operate your business throughout your bankruptcy case, including during and after the reorganization process. This allows you to continue serving your current client base without having to start from scratch with a new venture after your debt problems have been addressed.
Consider Your Options
Not everyone is eligible for Chapter 11 bankruptcy, nor is it the right debt relief choice in every situation. It is important to understand the benefits and drawbacks of reorganization as they pertain to your financial position. A bankruptcy attorney from out law firm can explain your options and give you the tailored legal advice you need to make the best decision about whether to pursue bankruptcy through Chapter 11, or whether to use another type of bankruptcy such as Chapter 7 or Chapter 13.
Contact Nicolet Law Office, S.C., To Get Started
Financial difficulties can be hard to face. The choice to enter into the bankruptcy process is not easy and should not be taken lightly. Our lawyers have the experience and skill to guide you through the bankruptcy filing process. Call us at 715-802-0872 or contact us online to schedule a free consultation to discuss your bankruptcy case.