The purpose of Chapter 11 Reorganization Bankruptcy is to assist businesses, such as corporations and partnerships, in keeping afloat while handling their debts. With Chapter 11 Bankruptcy, businesses may be assisted in coming up with a repayment plan and reorganizing their debts while they maintain the business.
Benefits of Chapter 11 Reorganization Bankruptcy:
Interest rates can be adjusted
Cure defaulted obligations like lease or mortgage
Sell property free and clear of liens and interest
Prevent creditors from harassment
Assume or reject unexpired leases or contracts that are deemed unprofitable
Businesses are the engines of our economy, and the courts know this. Therefore, they find it in the best interest to evaluate the situation as fairly as possible in an attempt to keep the business afloat. Chapter 11 may benefit those businesses that are likely to make profit once reorganization is established. To learn more about Chapter 11 Reorganization, call the experienced Law Firm of Anderson and Ferrin today at 407-412-7041.
Learn more about Chapter 11 Bankruptcy (Reorganization)
Call Orlando Bankruptcy Lawyers for a
Free Consultation. 407-412-7041.