With chapter 11 bankruptcy in Grand rapids MI, business owners have an option that is similar to the manner in which chapter 13 works for a consumer. The business owner has the opportunity to reorganize his or her debts into one claim that allows them to pay monthly payments to settle them. The significant different between chapter 11 and chapter 7 are that the business owner may continue to operate his or her business under chapter 11. The business owner additionally has the same option, however, as they would with chapter 7 as in this chapter they may also choose liquidation.
Benefits Associated With Chapter 11
The first and most significant benefit of this bankruptcy chapter is that the business owner can continue to generate revenues by operating his or her business. Unlike chapter 7 that requires this owner to cease all business operations, in chapter 11, the business owner can utilize profits to pay off debts. With this reorganization, the business owner can include all debts into one claim and make one monthly payment until the debts are settled.
Chapter 11 Bankruptcy Attorney
Martin L. Rogalski, P.C. offers business owners with a helping hand by providing him or her with the opportunity to settle debts through bankruptcy. With chapter 11, this attorney helps the debtor pay off debts through monthly payments either their direct payments or by revenues generated through business directly. In these cases, this attorney can also present you with an automatic stay which will prevent your creditors from taking legal action against you. If you have considered this option to settle your business debts, contact this law firm today to learn more about the benefits of this chapter.
Summary
Chapter 11 Bankruptcy in Grand Rapids, MI presents business owners with protection against litigation. With this chapter, the business owner can continue to operate his or her business and enter into contracts to generate revenue. He or she will receive an automatic stay which will prevent creditors from taking legal action against them during this chapter of bankruptcy. This business owner utilizes this bankruptcy claim to reorganize debts in a manner that is similar to how consumers do in chapter 13 cases. To discuss this option further with an attorney.
