Sometimes all a company needs to solve a debt problem is a little time. If your business needs time and protection from creditors, Chapter 11 bankruptcy may provide a solution.
At the Orantes Law Firm in Los Angeles, our attorneys are dedicated to giving business owners the time and assistance they need to solve debt problems. We offer a free initial consultation to look at the debt problems you face and give you honest answers about your rights and options.
Chapter 11 Bankruptcy Offers Protection From Creditors
Sometimes business owners need to hold creditors at bay while they finish a crucial project, sell a business or reach another business goal. When you file Chapter 11 bankruptcy, your business is protected by the automatic stay, which bars creditors from repossessions and other attempts to collect on debts. This can give your business the time you need.
For example, a construction company may run debt problems when a project takes longer to complete than anticipated. If a creditor repossesses materials needed to complete the project, the company may lose everything it put into the project. By filing Chapter 11 bankruptcy, the company can obtain protection from the creditor and gain the time it needs to finish the project. Once the company completes the project, it will have the money it needs to pay its suppliers.
Because bankruptcy laws are complex and creditors may seek to overcome the automatic stay, it’s important to consult an experienced Chapter 11 lawyer before you file bankruptcy.
Contact Our Los Angeles Chapter 11 Bankruptcy Attorneys
For more information about filing Chapter 11 bankruptcy to buy time, call 213-389-4362 or contact us by e-mail to schedule a free initial consultation. Se habla español.