Chapter 11 Bankruptcy in Birmingham
Bankruptcy & Debt Consolidation in Birmingham, Anniston, Gadsden, Tuscaloosa, Talladega, and Walker County areas
Cindee Dale Holmes is an experienced Birmingham bankruptcy lawyer who understands the financial stress and personal anguish that accompany a business failure. She can help you negotiate the requirements of a Chapter 11 bankruptcy filing to work out the best possible outcome.
Chapter 11 bankruptcy is generally used by businesses but can be used by individual debtors who do not qualify for Chapter 13 because their debts exceed the Chapter 13 limit. Chapter 11 bankruptcy is known as reorganization bankruptcy, as opposed to Chapter 7 bankruptcy, which is frequently referred to as liquidation bankruptcy. The opportunity to reorganize under Chapter 11 is available to both corporations and sole proprietors under bankruptcy law. Once you are under the protection of Chapter 11, you have the freedom to renegotiate loans and financing to terms or rates more favorable to you. You may also be released from unprofitable leases or contracts. Most importantly, through a provision known as the automatic stay, you are protected from additional lawsuits or litigation until your business is reorganized and emerges from Chapter 11 protection.
A Chapter 11 bankruptcy case begins when a petition is filed with the court in Birmingham. You may initiate the case by filing the petition yourself, or certain creditors may file a petition against you. If you choose to file, Cindee will work closely with you to make sure your petition is filed correctly and in compliance with Chapter 11 guidelines.
Under the provisions of the U.S. Bankruptcy Code, most likely you will remain in control of your business operations as debtor in possession during your restructuring, unless the court appoints a separate trustee to oversee and operate your business.
The benefits of filing Chapter 11 bankruptcy in Birmingham
While your business is under Chapter 11 protection, you may have a variety of workout options available to you, such as:
- New financing and loans with lower interest and longer terms
- The ability to reject and cancel contracts that are not in the best interest of your business
- A longer time to repay back taxes
- No obligation to repay unsecured creditors
- Protection from additional litigation against your business
Chapter 11 bankruptcy protection exists to help you get your business back on the road to profitability and success. However, if your business debts exceed your assets, you may be left with nothing and your rights and interests will be transferred to your creditors. Cindee knows that you have poured your heart and soul into building and trying to sustain your business. She uses her twenty years of expertise and resources to help avoid the tragedy of losing it.
Experienced Bankruptcy Lawyer – Cindee Dale Holmes
Please call or email the office today to make an appointment for a free consultation with Cindee Dale Holmes.
