Faced with the long-term effects of a challenging economy, many businesses are finding it difficult to continue operating. Several of these businesses have considered the option of seeking debt relief through Chapter 11 bankruptcy.
The New Jersey business bankruptcy attorneys at Scura, Mealey, Wigfield & Heyer, LLP, understand the challenges that face a small business. Our lawyers have the knowledge and expertise necessary to guide these clients through the bankruptcy process. Compared with Chapter 7 and Chapter 13, Chapter 11 bankruptcy is much more complex. It is wise to seek the counsel of an experienced bankruptcy attorney rather than attempt the filing on your own. The paperwork can be complicated, and there are stiff penalties for errors. We will ensure that your documentation is completed accurately, and submitted in a timely fashion.
Chapter 11 Business Bankruptcy Attorney
As bankruptcy for small businesses, Chapter 11 is handled much the same way as Chapter 13. Chapter 11 allows a business to reorganize its debt and develop a repayment plan that is presented to the bankruptcy court. We can help you negotiate a repayment plan that is beneficial to all involved. Chapter 11 cases are especially helpful if you have a current business downturn or debt problem, but you know that things will turn around in the short term. In many Chapter 11 payment plans, the client is eligible to pay a much lower percentage to unsecured creditors. If you have IRS or state tax problems, you can also restructure that debt over five (5) years in a Chapter 11.
Contact Our Firm
If you have questions about business bankruptcy, do not hesitate to schedule a free consultation with an attorney at Scura, Mealey, Wigfield & Heyer, LLP. Our bankruptcy attorneys can examine your financial situation and provide valuable legal advice and representation no matter how complex your question.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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