Tulsa Bankruptcy Attorneys: Business Bankruptcy
If an unmanageable debt load is putting your business in jeopardy, a Chapter 11 bankruptcy may be the answer. Chapter 11 bankruptcy is specifically designed to provide debt relief assistance for businesses.
If you or your business needs debt relief assistance, we can provide knowledgeable advice about bankruptcy and bankruptcy alternatives. To speak with an attorney about a Chapter 11 business bankruptcy, contact our Tulsa law office today at 918-948-6976.
How Does Chapter 11 Work?
Unlike Chapter 7 bankruptcy, in which assets are liquidated and debts are discharged, Chapter 11 is a debt reorganization or restructuring bankruptcy. In sum, a business will propose a plan to pay back certain debts over a period of time. Upon filing of a Chapter 11, an "automatic stay" ensues, which bars all attempts by creditors to collect debts during the bankruptcy proceedings. In Chapter 11, businesses' major creditors will have a say on whether or not to approve the final plan.
The goal of a Chapter 11 bankruptcy is to give your business time to manage debts successfully and return to solvency. There are many issues that must be considered when filing for Chapter 11 relief, so the attorney you choose is important.
Contact Us
If you wish to speak with a lawyer about personal bankruptcy, business bankruptcy or another important legal matter, contact Horizon Attorneys & Counselors at Law, PLC today for assistance.
