Chapter 11 bankruptcy is a business bankruptcy model that is intended to allow company restructuring of financial liabilities. Those dealing with a Chapter 11 bankruptcy should discuss their case with a Richmond VA bankruptcy attorney at Canfield Wells LLP. An attorney can help to figure out your company’s best plan moving forward and how bankruptcy may be the best option.
Businesses can consolidate outstanding financial responsibilities and lessen the number of monthly or quarterly payment obligations as part of the company cash flow cycle. Some financial liability problems arise from the simple fact that operational expenses are larger than input cash flow for a particular period of time. Consolidating outstanding debt can help reestablish the ability to meet responsibilities on a scheduled basis. Debtors have up to four months to submit a repayment plan following a filing but plans for repayment typically cannot exceed 18 months without consent from creditors and the court.
Richmond VA Bankruptcy Attorney
During the reorganization process, a trusted and skilled Richmond VA bankruptcy attorney can assist your company or organization in making cuts for costs and ensure you are following all parts and aspects of your bankruptcy codes. Small businesses that are in need of filing Chapter 11 bankruptcy will also need the help of a bankruptcy lawyer whether the case has already been started or not. If you or a loved one’s business is in need of bankruptcy advice or representation, do not hesitate to contact our Richmond VA bankruptcy attorney at Canfield Wells LLP. Our attorneys have years of experience and expertise in handling large and small corporation bankruptcy cases and we are prepared to help you have a successful case as well. These cases can be, and commonly are, difficult to go through without legal advice or assistance. Contact our office today to begin building your case or discuss your next best step.