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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » Albany Bankruptcy Attorney – Chapter 11 Bankruptcy – Foreclosure Defense – Debt Relief

Albany Bankruptcy Attorney – Chapter 11 Bankruptcy – Foreclosure Defense – Debt Relief


Bankruptcy FAQ: What is Chapter 11 bankruptcy? Due to the poor economy, some local businesses may be in financial trouble, suffering from the burden of past business decisions. Those same businesses, however, could operate profitably if they had relief from their existing debt. Chapter 11 Bankruptcy can provide that relief, as opposed to those businesses having to close their doors. How Does Chapter 11 Work? Chapter 11 Bankruptcy is primarily designed to facilitate corporate financial reorganization, to allow businesses to continue to operate while they restructure their debt under a repayment plan. The purpose of Chapter 11 Bankruptcy is to promote otherwise viable businesses to continue to operate in order to generate revenue, protect jobs, and to allow the payment of creditors over time, as opposed to stopping operations and liquidating assets. Chapter 11 can free up capital from paying old debt in order to finance current operations. It will prevent the loss of vital assets or cash to creditors from their collection actions. It can also facilitate the rejection of burdensome leases or contracts, such as expensive facility leases or unfortunate equipment purchases. Chapter 11 reorganization can not, however, create a new market, increase gross revenue, or resolve deficiencies in the skills that are required to profitably run the business. The owners and managers of the business must be able to fix the underlying problems that brought them to Chapter 11 in the first

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