Chapter 11 Bankruptcy in Wilmington
Business bankruptcy and Chapter 11 in Delaware
We also offer you assistance recuperating financial losses when a business files for bankruptcy. This is called Chapter 11 or business reorganization.
During business reorganization debtors are given some relief from their debts and allowed time to reorganize their business to make it profitable. However, the value of the property you financed may decrease during this time, just as in other bankruptcy proceedings. You should seek legal advice to make sure you are protected and repaid.
Wilmington Bankruptcy Lawyers
Chapter 11 is a form of business bankruptcy known as “reorganization.” When a business files for Chapter 11 they are making an effort to reorganize their company and keep it running. A way of doing this may be to restructure the business, perhaps downsizing, in order to remain profitable.
Similar to Chapter 13, a business that files for Chapter 11 in Wilmington, Delaware makes a proposed settlement that is presented to its creditors. When a business is owned by a sole proprietor, he or she must also file for personal bankruptcy. This means using Chapter 7 or Chapter 13 filing procedure to eliminate his or her own personal debt.
Our attorneys can offer legal advice on the steps that are available to creditor’s when a business becomes insolvent. Contact The Hogan Firm as soon as you are notified of a debtor’s intent to file bankruptcy and learn how we can help you.
Call 302-656-7540, toll free 877-221-5176, or email us for a bankruptcy law firm in Wilmington, Delaware.