Chapter 11 is designed to work for large business owners as well as small business owners. A corporation as large as General Motors or the corner store may file a Chapter 11 Bankruptcy. A business such as a corporation, limited liability company (LLC), or a partnership in serious financial condition may continue to operate without the danger of immediate closure by any of its creditors. During the Chapter 11 Bankruptcy, the business undergoes a reorganization of all its debts. The objective of a Chapter 11 proceeding is for the business to successfully reorganize its affairs so that it may repay its debts, retain assets, and remain in business. While the business is making payments through the debt repayment plan, the business continues operating and profiting. The breathing spell provided by a Chapter 11 proceeding enables the debtor an opportunity to successfully reorganize its financial affairs.
If you are a business owner with serious concerns regarding your business debts and cash flow problems, then a Chapter 11 Bankruptcy may provide the legal remedy you require. At Mishiyeva Law, PLLC., we serve small and mid-size businesses throughout New York City, including those in Brooklyn, Queens, and Long Island. We make sure our business clients receive effective and comprehensive legal services. Our aim is to instill confidence in the future of your business. By consulting with an attorney at our law firm, you can make the most favorable decision for your business and move forward toward debt relief. We can help your business obtain a fresh financial start. By filing for relief under Chapter 11, your business can restructure its income and expenses while recouping its profits. We can help you understand how Chapter 11 Bankruptcy can give your business the time needed to reorganize financially while the business remains open.