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Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is designed specifically for corporate businesses, as well as for individuals with assets and debts that exceed the threshold for filing Chapter 13 Bankruptcy. Chapter 11 Bankruptcy is a reorganization of your debt that comes with an automatic stay upon filing, which stops all actions that creditors may be taking against you. Like Chapter 13 Bankruptcy, you can stop foreclosure, repossession, bank account garnishment and creditor harassment. Chapter 11 Bankruptcy works similarly to Chapter 13 Bankruptcy in that Chapter 11 Bankruptcy also involves the creation of a debt repayment plan, which can last several years. Chapter 11 Bankruptcy is more complex than Chapter 13 Bankruptcy simply because of the massive amount of debt associated with Chapter 11 Bankruptcy.
The real estate market as of late has forced many real estate investors to file Chapter 11 Bankruptcy. Large businesses such as United and American Airlines have successfully reorganized in Chapter 11 Bankruptcy. However, small corporate businesses can also benefit from a Chapter 11 Bankruptcy if the business is earning sufficient income to allow it to pay its regular monthly bills and have funds left over to provide for a repayment of secured debt.
The Law Firm of Wendy R. Morgan is a well established practice with over 30 years of extensive experience in helping corporate businesses reorganize and stay viable. Knowledgeable advice and reliable representation from our experienced attorneys has helped clients throughout the Chicago area reorganize debt and get on the path to a fresh financial future.
If you're a corporate entity and overwhelmed and looking to reorganize your debt, contact The Law Firm of Wendy R. Morgan and schedule an appointment with one of our experienced, compassionate and skilled attorneys to find out if Chapter 11 Bankruptcy is right for you.
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