Chapter 11 Bankruptcy

Chapter 11 is a section of the bankruptcy code which is intended to allow businesses or corporations, or in some cases individuals with extraordinarily high debts, to file for bankruptcy. Similar to Chapter 13, Chapter 11 is a reorganization bankruptcy, in that the business or debtor will submit to the court a proposal detailing what creditors it can afford to pay, and how much of the debt they plan to pay. Many times a business is able to continue operating while going through Chapter 11 bankruptcy; however, there are times where a business may choose to liquidate its assets to pay its creditors what it can. To learn whether you or your business qualifies for a Chapter 11 bankruptcy, and to learn whether filing for bankruptcy would be in you or your business’ best interests, please contact Attorney Timothy Heinle with our office for a free consultation.