Life can be unpredictable, and unexpected business expenses, lawsuits, and economic issues can quickly put a small business in debt. If you’re looking for a way to maintain control of your business while still getting your debts under control, Chapter 11 bankruptcy could be the right choice for you.
The team at ARM Lawyers is dedicated to helping you manage your debts and lay the groundwork for a bright future for your business. We have more than 75 years of combined experience in this field, and we can find the right solution for you. Chapter 11 bankruptcy is one path to consider.
Is Chapter 11 the Right Choice for You?
The goal of Chapter 11 bankruptcy is to restructure your business debts and allow you to maintain control of your company. Our Stroudsburg bankruptcy attorneys may recommend this option for clients who:
- Are interested in reorganizing their business so it can stay open
- Want to avoid the danger of immediate closure
- Have more secured and unsecured debt than they can pay
- Are willing to pay tax obligations in full, reorganize secured debts, and pay a portion of unsecured debts
Are Creditor Calls Keeping You From Running Your Business?
Calls from creditors are stressful for everyone, but they can be particularly damaging to a small business owner. Creditor calls often interfere with client or customer calls, alert employees to the company’s precarious financial situation, and make it difficult for a business to continue normal operations.
When a business files Chapter 11 bankruptcy, creditors must immediately stop their collection phone calls and any other collection attempts. Business owners who want to continue running their company have the opportunity to restructure operations in a financially feasible way, while those who wish to sell their company have the chance to market and sell property while winding down daily operations.
Managing Your Financial Obligations With Chapter 11 Bankruptcy
Chapter 11 bankruptcy streamlines your debt repayment efforts and offers a manageable way to restructure your financial obligations. A Chapter 11 bankruptcy plan separates creditor claims into different classes and prioritizes payments accordingly, restructuring the terms of your unsecured and secured debt. Secured creditors are highly prioritized during this process. If your collateral is worth less than the amount you owe, you might be able to crawl down payments—this reduces the balance due to the current market value of your property. Your plan might also alter the terms of your leases or contracts, reorganize your tax debt, and negotiate payment amounts for your unsecured debt. With a lower monthly payment and a clear plan moving forward, you can finally have some breathing room.
Contact Us for Help With Your Bankruptcy Case
Chapter 11 bankruptcy provides relief and a new chance at success. Your next step: call ARM Lawyers, LLC. Our lawyers are here to guide you through this process, answer your questions, and help you start moving forward. We also offer $0 down and low money down payment options for those who qualify. Call us at (570) 391-4570 to schedule an appointment at one of our convenient locations.