When you need to file for bankruptcy, there are two main types – Chapter 7 and Chapter 13 – each with its own advantages. However, it is possible for businesses to file for bankruptcy as well and this is usually accomplished under a Chapter 11 bankruptcy. This type of bankruptcy helps most businesses, including small businesses, reorganize their debts and get relief from creditors’ harassing phone calls and letters. Much as with personal bankruptcy, Chapter 11 must be handled through a professional attorney who specializes in bankruptcy because this ensures that every step will be dealt with properly so that you get the results you were looking for.
Businesses Can Be Debt-free Just Like Individuals
Becoming debt-free is a great weight off anyone’s shoulders and a Chapter 11 bankruptcy can help you towards that goal. With Chapter 11, you can even get out from under certain contracts and leases and since it applies to all types of businesses including sole proprietorships, corporations, partnerships, and others, it is often the best course of action for businesses that are in trouble. Firms such as Fred Wehrwein, P.C specialize in bankruptcy and can therefore help you through this often-complex process. Law firms such as these help you every step of the way so that you always know what to expect next.
No Shame in Filing for Bankruptcy
By law, everyone has a right to file for bankruptcy, including individuals and businesses, so if you are a business owner and your debt is causing too much stress in your life, a Chapter 11 bankruptcy might be the answer. The process can put you on the road to recovery and help you get to a better place financially. Of course, only by contacting a professional attorney will you be able to begin this process but when you are debt-free in the end, you will understand that it was all worth it. You can also connect them on Facebook.