New Port Richey Business Bankruptcy Lawyers
Chapter 11 business reorganization is designed to afford large and small business owners an opportunity to restructure their financial obligations while maintaining custody and control of their assets.
At the P.R. Smith Law Group, P.A. in Florida, our lawyers have helped many business owners file for Chapter 11 bankruptcy. We understand the process
How Does Chapter 11 Bankruptcy Work?
Upon filing a Chapter 11, all lawsuits and other collection activities against the company are stopped immediately. The company is now afforded an opportunity to re-evaluate its business plan without the added pressure and expense of defending lawsuits. During this period, the company may secure new financing, eliminate unprofitable operations and terminate unfavorable contracts. In the interim, the owners of the corporation remain in control while they endeavor to develop a plan to emerge from bankruptcy.
Ultimately, the debtor corporation will submit for approval a plan which may include the continuation or liquidation of all or some of its operations, repayment of existing debt and even the issuance of new stock. The plan is then voted on by creditors and ultimately approved by the court. Once the plan is approved, the company will then continue its operations in accordance with the terms of the plan.
Contact Us for a Free Initial Consultation
If you have questions regarding Chapter 11 bankruptcy in Florida, schedule an initial consultation with a Tampa attorney. We have reasonable fees and easy payment plans. Call us at 888-682-5251 or send us an e-mail to get started today.
