A Chapter 11 bankruptcy may benefit your business if it cannot pay its creditors and/or cannot effectively defend against multiple lawsuits, but could remain in business if given time to regroup and reorganize. As a Chapter 11 debtor in possession you remain in control of your business, which continues to operate through the bankruptcy case. You can reject and cancel leases and contracts, affect secured liens as in a Chapter 13, and object to claims, all while being protected by the automatic stay against most collection activity. The case culminates in the proposal, and in a successful case Court approval, of a Chapter 11 plan. As with the other forms of bankruptcy, Attorney Charmoy can help you determine whether a Chapter 11 is the right vehicle for you or for your company to discharge your debts.
Please contact Attorney Scott M. Charmoy at (203) 255-8100 to discuss your case.