Chapter 11 Bankruptcy Lawyer Memphis, TN
If you own a small business and you’re thinking about filing for bankruptcy, it’s a good idea to connect with a Chapter 11 bankruptcy lawyer Memphis, TN residents trust so that you can explore your options. Most of the time, when the bankruptcy process is referenced in popular culture, it is referenced broadly. However, the Bankruptcy Code is complex and nuanced. Filing for bankruptcy isn’t the same experience if you’re an individual who makes very little income as opposed to a small business owner who is responsible for significant assets. Therefore, anyone interested in seeking debt relief through filing for bankruptcy can benefit from learning about what they can expect from the bankruptcy process in ways that are unique to their personal circumstances. Thankfully, seeking guidance from a bankruptcy law firm Memphis, TN residents trust is as easy as picking up the phone.
How Is the Chapter 11 Bankruptcy Process Unique?
Although it’s possible that another kind of bankruptcy filing will be best for your situation, if you’re a small business owner, you’ll likely want to file for Chapter 11 bankruptcy. Chapter 11 bankruptcy allows small business owners to reorganize their debts. Many businesses are able to remain operational, despite Chapter 11 bankruptcy status. This process is particularly well-suited for business owners who are responsible for significant debts and significant assets.
By contrast, the other two most popular bankruptcy options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both of these options are generally utilized by individuals and families. Chapter 7 bankruptcy helps low-income households eliminate their eligible unsecured debts after any valuable non-exempt property they own is liquidated to pay their creditors. Chapter 13 bankruptcy primarily allows individuals and families to restructure their debt so that their debt repayment schedule is more manageable. After a successful 3-5 year repayment period, a filer’s eligible remaining debt is discharged. The Chapter 11 process closely resembles the Chapter 13 process, although it is primarily designed to help business owners, not individual debtors.
Legal Assistance Is Available
Regardless of whether you own a small business or not, the experienced Tennessee legal team at Darrell Castle & Associates, PLLC can help you to successfully file for bankruptcy under the chapter of the Bankruptcy Code that meets your family’s unique needs. Whether you’re a low-income debtor hoping to eliminate your eligible unsecured debts quickly under Chapter 7, a middle-class filer looking to restructure your debt under Chapter 13, a farmer or fisherman seeking the protections afforded by Chapter 12, or a small business owner interested in filing under Chapter 11, our firm will treat your case with focus, urgency, and respect. Please don’t wait. Explore your debt relief options with our Memphis, TN Chapter 11 bankruptcy lawyer team today; we look forward to speaking with you.