Chapter 11 bankruptcy is for businesses that are in jeopardy of “going under” because of heavy debt. Creditors would rather see a business stay open, and earn the money to pay off the debt, and naturally, employees want to keep their jobs.
If your business is in trouble, contact a Douglas County bankruptcy lawyer who specializes in bankruptcy law. He can help you map out a practical reorganization plan – a way to show the court, and your creditors that you have figured out a way to turn your business around so that it is once again profitable.
If your plan doesn’t convince creditors, they can ask the court to deny your petition for bankruptcy. If it becomes apparent that your plan isn’t working under your management, a “trustee” may be named to step in, and if things haven’t improved after 120 days, creditors can intervene with their own plan for your business.
Bankruptcy is complicated. Back up and take the first step – call Parker Lawyers: 303-841-9525, and get the help that you need from a Douglas County bankruptcy lawyer.