Helping Individuals and Corporations with Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a type of bankruptcy available to both individuals and businesses. Similar to a Chapter 13 bankruptcy, Chapter 11 involves a reorganization of debt but has no limit to the amount of debt that can be restructured, unlike a Chapter 13 case. For debtors who have large amounts of debt that need to be restructured, Chapter 11 may be the right option. If you would like to learn more about this form of bankruptcy and how it may benefit your company or you as an individual, please contact a San Antonio bankruptcy lawyer at the Malaise Law Firm.
In discussing your particular financial options with an attorney experienced in handling Chapter 11 cases in the San Antonio area, you can get information that is pertinent to your particular needs, concerns and financial situation. After all, this is an extremely important decision to make, and the outcome will affect you now and for years into the future.
About Chapter 11 Bankruptcy in San Antonio
A Chapter 11 bankruptcy case may proceed in slightly different ways, but it will typically involve a debtor remaining in possession of assets. A business filing a Chapter 11 bankruptcy will generally be able to remain open, under the supervision of the court and for the benefit of creditors. A trustee may be appointed to help operate the business in some situations, if the debtor is considered to be dishonest or ineffective for some reason. In successfully completing the payment plan laid out by a Chapter 11 bankruptcy filing, the debtor would be able to discharge remaining eligible debt.
This may be complicated and expensive to carry out, and as such it is advised that you involve an attorney to help with your case.