Bankruptcy can have a bad stigma. However, it can prove to be a beneficial process for individuals and businesses. When finances are running low and in debt, it can be hard to recover. Bankruptcy provides people with the opportunity to reorganize their finances and better prepare them for a successful financial future. If you are in a position where your business is going under, you may wish to find a way to save it. By filing for business bankruptcy, you may be able to keep your business running while you slowly pay back creditors. Bankruptcy can give you a second chance at the business you tried so hard to build. As an individual facing the possibility of foreclosure, bankruptcy can prevent this scary concept from becoming a reality. Through bankruptcy proceedings, individuals can experience a bar from creditors known as the automatic stay. This can prove to alleviate their stress. They will not have to face harassment from creditors any longer. This can also stop foreclosure on your home. Bankruptcy can help you during times of financial crisis when you no longer know how else to proceed.
What is Chapter 11 bankruptcy?
Chapter 11 bankruptcy is often referred to as business bankruptcy because it allows owners to keep their businesses open and running while they are going through the bankruptcy process. This is the main procedure businesses use to plan their finances. Through this process, business owners can stay open while they pay back their debts slowly to creditors. This can prove to be helpful by allowing your business to keep running. Not only can this save your hard work, but it can also keep your employees working.
How is Chapter 13 bankruptcy useful?
Chapter 13 bankruptcy is for individuals who need to claim bankruptcy. This process can protect you from foreclosure. When the paperwork is filed, the automatic stay will go into effect. This tool can prevent foreclosure from happening. Preventing foreclosure can be one of the best benefits. You may be able to stay in your home and provide shelter over your families’ heads. This can alleviate a lot of the stress you are feeling and it can keep you safe. No one wants to lose their home due to these circumstances.
If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.