In this competitive economy, it’s very easy for a small business to fall on hard times. You may be struggling and unable to meet your monthly obligations, but that doesn’t mean all is lost. By filing Chapter 11 bankruptcy, you can restructure your debt and maintain operations, giving you a chance to ride out the tough times and ultimately become profitable. An experienced bankruptcy attorney at Wolff & Orenstein, LLC in Rockville can evaluate your situation and advise you on the best course of action. It’s important to get straight answers from a knowledgeable lawyer so you can make informed decisions about the future of your business enterprise.
Chapter 11 is business bankruptcy, appropriate for business debtors who want to restructure debt to continue operations or those who simply want to cease operations and discharge the business debt. But consumers who have too high an income to qualify for Chapter 7 or too much debt to qualify for Chapter 13 can also file under Chapter 11. Chapter 11 is more expensive and complicated than the consumer chapters, and the law requires that you have an attorney assist you through the process.
Chapter 11 bankruptcy proceeds through several different stages:
Circumstances vary depending on the nature of a business, but most Chapter 11 bankruptcies take from six months to two years to complete. Our experienced Rockville attorneys work closely with you to ensure you get every advantage of U.S. bankruptcy law.
Bankruptcy isn’t the right choice for every situation, but Chapter 11 provides important protections for small business owners. Call Wolff & Orenstein, LLC at 301.250.7232 or contact us online for a free initial consultation. Serving Rockville, Frederick and Prince George’s County, our firm is well known for quality work.