What Is Chapter 11 Bankruptcy?
A Chapter 11 bankruptcy allows a business to reorganize its debt. A Chapter 11 reorganization is advisable when a business finds it difficult to operate due to overwhelming debt and when creditors are unwilling to continue to extend credit.
Why Should I File for Chapter 11?
A Chapter 11 bankruptcy filing will stop lawsuits and harassing phone calls, so that a business can focus on moving forward and making money. This fresh start often will enable a business to survive, which in turn benefits the whole society by preserving jobs.
A Chapter 11 bankruptcy enables the business to continue its day-to-day operations, typically under the direction of its current management. Even though there are certain types of decisions that will require court approval, as a debtor in possession, the business is generally able to buy enough time to organize and implement its own plan to eliminate certain debts and leases and repay the balance over time. Once a business files for Chapter 11 bankruptcy, it may obtain new financing that can possibly even have priority over existing debt. The business is able to choose to continue to operate at its present location or terminate its lease and move to a more favorable location.
Orange County Chapter 11 Attorneys – Hallstrom, Klein & Ward LLP
Serving Garden Grove, Westminster, Rancho Santa Margarita, Irvine, Lake Forest
Chapter 11
The highly educated OC business bankruptcy attorneys of Hallstrom, Klein & Ward LLP specialize in helping businesses reduce their debt and continue daily operations. Please explore the information below to learn more about Chapter 11 reorganization, and how OC bankruptcy lawyers can help your business survive and advance.
Orange County Chapter 11 Lawyers
A Chapter 11 bankruptcy is a complicated and involved process. Unlike many bankruptcy law firms that will refer a business to another law firm specializing in Chapter 11 bankruptcies, Hallstrom, Klein & Ward LLP has a Chapter 11 bankruptcy attorney affiliated with our firm, so we can handle your business bankruptcy in house. Contact us today at 949-450-8500 for your FREE consultation.
In addition to helping businesses survive financially trying times, Hallstrom, Klein & Ward LLP have helped many families find a fresh start through Chapter 7 or Chapter 13 filings. In addition, they are renowned as distinguished Orange County foreclosure prevention attorneys and OC lien strip lawyers.
