Understanding Chapter 11
At McBride Law Firm, our focus is on relieving the debt problems of individuals, through Chapter 7 and Chapter 13. But we also work with clients seeking to file for Chapter 11 bankruptcy.
Chapter 11 is for small businesses that still have the potential to make money, but are currently swamped by debts and contractual obligations. It is also used by individuals whose debt load is too large to qualify for Chapter 13.
Sometimes The Right Answer — Sometimes Not
Filing for Chapter 11 is the only bankruptcy option for small businesses needing to restructure and continue operating when they are owned by a formal group: a partnership, an LLC (limited liability company), or a corporation.
Chapter 11 is not always the best answer for troubled sole proprietors, store and restaurant owners, owners of real estate agencies, plant nurseries, home-based businesses, and the like. Many consider it to be too expensive, too complicated, and too lengthy of a process. We often work with clients to resolve their debt problems through some other approach, usually Chapter 13.
Serving Businesses In Alexandria And Rapides Parish, Louisiana
If you wish to discuss Chapter 11 with our lawyers, we invite you to come in for a free initial consultation. You don’t even need to schedule an appointment — we are here during regular business hours, and we are always happy to talk with you.
If you have questions about Chapter 11 business bankruptcy or any of our other debt-relief tools, give our attorneys a call at 318-625-0471.