Is your business in Orlando collapsing with financial burdens? You may choose to pursue Chapter 11 bankruptcy, called reorganization bankruptcy. With the help of a Chapter 11 business bankruptcy attorney, your firm will keep running, make more profits and feel more financially secure.
Here are the key benefits of a Chapter 11 bankruptcy attorney for your business in Orlando:
Continue Business in the Bankruptcy Process
A Chapter 11 bankruptcy attorney will help in continuing your business albeit with court oversight for a while. After working hard and long to build your business, you would not want it to shut down only because of the financial crisis. The best attorney won’t let you lose your business and retain your customer base and goodwill.
Automated Stay of Creditor Actions
The automatic stay helps business managers to get relief from aggressive debt collectors. It facilitates owners and supervisors to assess the financial condition, negotiate with creditors and review options to prepare a restructuring plan. Chapter 11 bankruptcy lawyer gives businesses the right in the first 4 months of the proceedings to propose the reorganization plan to the court. The Chapter 11 debtor can have dominant control over the reorganization procedure.
Emergency Relief
After a few days of the Chapter 11 bankruptcy filing, the bankruptcy court schedules an expedited hearing to listen to business-related emergency motions and bankruptcy. Chapter 11 bankruptcy attorney can help your company to acquire emergency relief for continuing everyday operations. The employees, customers and vendors get peace of mind that the bankruptcy won’t drastically disrupt business operations. As a small business owner, you can smoothly function on an everyday basis.
Chances of Getting Loans at Affordable Rates
A business in Chapter 11 bankruptcy may need debtor-in-possession financing. As the bankruptcy court validates debtor-in-possession financing, lenders get preferential terms when offering financial help to organizations in Chapter 11 bankruptcy. Lenders get more assurance that their loans will get paid before the payment of other debts in the bankruptcy case. The attorney can help your business get the required financing to continue operations at more preferred rates than it would have done before bankruptcy.
The Bottomline
So, these are the benefits of working with a Chapter 11 bankruptcy attorney for your business in Orlando. With their help, you can continue running your business amidst bankruptcy and recover from all crises.
