Chapter 11 Bankruptcy is most often sought by business corporations, sole proprietorships, and partnerships though iIt can also, in some cases, be sought by individuals who are not business owners. The Chapter 11 Bankruptcy allows the debtor to retain control of the business and reorganize the debts in a manner that allow the business to continue functioning. If you are a business owner or individual in Washington DC Metropolitan area including Maryland and Northern Virginia, facing financial distress, you can get over the situation by opting to file for Chapter 11 bankruptcy.
4 Extra Advantages in Chapter 11 Bankruptcy
A Chapter 11 bankruptcy allows debtors to partly pay back unsecured debts. They can continue to run their business peacefully as the law initiates an automatic stay on creditors contacting the debtors. Unsecured debts can be restructured over longer periods to help keep lower and easy to manage monthly payments.
The Law Office of Rowena N. Nelson is an experienced law firm helping businesses staring at potential bankruptcy in Maryland, DC and Northern Virginia. Contact us now to book a Chapter 11 bankruptcy consultation.