Protect Your Business With Chapter 11 Bankruptcy
The last few years have been challenging for businesses of all sizes and specialties. Staying afloat through global disruptions has required innovation, persistence and difficult choices. In their efforts to continue serving their customers, many Louisiana businesses have incurred significant debts which now threaten to overwhelm their operations.
These debts do not have to be the end of your enterprise. At Robert W. Raley - Bankruptcy Lawyer, bankruptcy attorney Robert Raley uses his over 43 years of legal experience to keep Louisiana companies afloat. Our team is ready to help you understand how reorganization under Chapter 11 bankruptcy can keep your doors open for business.
Understanding Chapter 11 Bankruptcy
Chapter 11 bankruptcy can be a powerful tool for businesses struggling with debt. Filing for bankruptcy is also a major decision that creates distinct legal requirements for business owners and managers. Robert W. Raley - Bankruptcy Lawyer, is committed to ensuring you fully understand the Chapter 11 process. We encourage you to schedule a free consultation at our Bossier City office to speak with our attorney about how Chapter 11 reorganization will impact your business, and determine whether Chapter 11 bankruptcy is right for you.
Filing for Chapter 11 bankruptcy can automatically prevent creditor collection efforts, foreclosures or tax seizures while a business plan of reorganization is created and executed. Chapter 11 is distinct from Chapter 7 or Chapter 13 bankruptcy because it does not require a court to appoint a bankruptcy trustee to manage your assets. Instead, it allows you to become a debtor-in-possession: you retain control of your business assets, and work with a bankruptcy attorney to determine how those assets will be managed under your Chapter 11 plan of reorganization.
Your bankruptcy attorney will also work with you to create that plan of reorganization. This plan establishes repayment schedules for certain debts, allows you to discharge other debts and enables you to terminate some leases or contracts which may affect your debt. At least one group of your creditors must vote in favor of this plan. Once such a plan is approved, the debts and requirements of your business are replaced by the reorganized debts and requirements stated in the plan.
Meet With A Team Dedicated To Your Success
At Robert W. Raley - Bankruptcy Lawyer, we do more than simply file paperwork and meet deadlines. We are dedicated to providing you with the supportive, compassionate guidance you need to get your business back on track. By working directly with Robert Raley, you will receive personalized, patient assistance throughout the Chapter 11 bankruptcy process. To schedule a free, comprehensive initial consultation, call our Bossier City office at 318-747-2230, or send us an email.