Understanding Chapter 11 Bankruptcy
In the business world, there are times when a company might be struggling to stay afloat or are weighed down by increasingly overwhelming financial debt. However, in many situations, filing for bankruptcy can allow your business to continue and lend you a fresh start. Filing for Chapter 11 bankruptcy in particular, allows corporate entities and individual business owners in Dallas to protect their assets when debilitating debts endanger the viability of their businesses.
The Benefits of Chapter 11 Bankruptcy
Filing for bankruptcy should not be seen as a step back, but rather a step toward repairing damage and dissolving debt. Specifically, Chapter 11 bankruptcy allows business owners to maintain operation over their businesses and protect their assets, even when facing crushing debts. Other benefits of Chapter 11 bankruptcy include:
- Allows business owners to protect assets and dissolve debts over time
- Higher debt ceiling
- Automatic stay prevents creditors from taking action in collecting debts
- Business owners can maintain operation of the company
Chapter 11 bankruptcy is a good option for those who strive to maintain normalcy by not interrupting company operations, but that doesn’t necessarily mean that it is the best option for all business owners and corporate entities. A business bankruptcy lawyer at Gagnon, Peacock & Vereeke, P.C., can help you determine the best solution for absolving your debts and may then walk you through every aspect of the bankruptcy filing process.
Contact a Dallas Bankruptcy Lawyer Today
At Gagnon, Peacock & Vereeke, P.C., our bankruptcy lawyers are dedicated to protect your rights and your assets. For more information on how we can help, please contact our Dallas offices today at (214) 317-4448.