Chapter 11 Bankruptcy

Chapter 11 for Businesses and Individuals

Overview

Chapter 11 Bankruptcy is primarily used by businesses to reorganize debts while continuing operations. It’s also available to individuals whose debt levels exceed the limits of Chapter 13. This process allows for the restructuring of debts and contracts to improve the filer’s financial standing.

Process

Filing for Chapter 11 involves submitting a reorganization plan that details how the business or individual will repay creditors over time. This plan must be approved by the creditors and the court. During the process, the filer usually continues to operate the business or manage their assets.

Implications

Chapter 11 offers flexibility in restructuring debts and can provide a pathway to recover from financial distress while retaining control of assets and operations. It’s particularly beneficial for businesses looking to adjust their operations and debt obligations without liquidating.

Contact us today for a free consultation

Greensburg Office

206 N. Main St.

Greensburg, PA 15601

Uniontown Office

45 E. Main St.

Suite 400 Uniontown Pa, 15401

724-562-5140

*Cities also include: Uniontown, Connellsville, Brownsville, Masontown, Mt. Pleasant, Scottsdale, Latrobe, Murrysville, Irwin, Ligonier, Hempfield, Desmond, New Stanton.
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