The most common cause for a company to file for bankruptcy is because one or more people mismanage the finances of the company, allowing debt to pile up over time until the payments are too much to handle. Chapter 11 bankruptcy lawyers thus come into play, offering you legal advice to help you decide if this is the best option and education on the process to help you avoid a potentially damaging mistake. This type of situation can be frustrating, especially after you put so much work into your company, but it can also be a powerful financial tool that could benefit you in the long run.
The Process
Corporations that choose to file chapter 11 often contact the Law Offices of Tara M. George, PC to ensure that they get the best legal help from the start of the procedure. Not only can bankruptcy lawyers help you through the difficult situation of filing but they can simplify the process by doing a great deal of the complex work on your behalf. Once you have such a professional on your side, it should be relatively fast and frustration-free to file and have your debts organized and taken care of accordingly.
When you file, chapter 11 bankruptcy lawyers in New Bedford, MA will help you through the procedures, which are very similar to the process undergone by individuals. The biggest difference is that creditors may force a business to go into bankruptcy to allow the court to take control of its finances. Creditors then have a better chance of getting repaid and you can continue generating revenue while getting your finances and assets in order.
What Happens
During the process, chapter 11 bankruptcy lawyers will help you work through the results of using this method, which will forfeit all rights of stockholders to the company and its assets. This is because the creditors will now have control of the company to help retrieve losses and to help save jobs and profitability.
