Category Archives: Chapter 11 Bankruptcy
Chapter 11 bankruptcy is an option businesses. Anyone considering filing a Chapter 11 petition should consult a New Jersey bankruptcy attorney.
When your business runs into financial troubles, you can file bankruptcy just as you would for an individual. As a business owner, you can file Chapter 7, Chapter 13, or Chapter 11 on behalf of your business. Today we’re focusing on Chapter 11 bankruptcy. What Is Chapter 11 Bankruptcy? Chapter 11 bankruptcy has more in common with Chapter 13 bankruptcy as opposed to Chapter 7. Chapter 11 acts a reorganization of debts and payments. Chapter 11 bankruptcy is the only form available to businesses owned by a limited liability company, a corporation, or a partnership. Individual owners commonly have more options. Also, Chapter 11 may be the only option for businesses that do not meet the financial requirements of Chapter 13. Chapter 13 places a limit on the amount of debt a business can have to be eligible. Differences for Small Business Debtors In most cases, small businesses and large…
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When a business finds itself in financial trouble, filing bankruptcy may be the best option. Depending on the situation, you may decide between filing Chapter 7, Chapter 13, or Chapter 11 bankruptcy. Chapter 7 requires you to liquidate the business, while Chapter 13 bankruptcy is only available to individual business owners, which excludes partnerships, limited liability companies, or corporations from filing. Often, the best choice for business owners that want their business to continue operating and to get back on its feet is Chapter 11 bankruptcy. What Is Chapter 11 Bankruptcy? Chapter 11 bankruptcy is similar to Chapter 13 in that it allows a business to reorganize, reduce debt obligations, and create a plan for repayment approved by the bankruptcy court. By filing Chapter 11, many companies have been able to balance out their incomes and expenses, continue operating, and even start making a profit again. Many very prominent businesses…
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About three months ago Hurricane Sandy hit the east coast, leaving destruction in its wake. The damage affected millions of families. In addition to damaging homes, Sandy also took a toll on coastal businesses, battering their headquarters and immobilizing the people who make up their customer base. Now the state of New Jersey is offering a helping hand to businesses affected by the storm. Governor Chris Christie recently announced a new grant program designed to help business owners recover and get back to work. After the storm, many local businesses petitioned the state government to provide disaster grants for relief rather than loans. Now their requests have been granted. The Small Business Administration offers disaster loans but they were not reaching the New Jersey business owners who needed them most. The new program is targeted at the businesses who really need the financial help and will hopefully put the state…
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