Reorganize and Reduce Small Business Debt with Chapter 11 Bankruptcy
Today's economic climate has put most businesses under a great deal of stress. Some will not be able to continue operating at all. For many, however, it would have been business as usual if it were not for the extreme economic downturn.
The Law Offices of Mark M. Kratter, LLC, in Norwalk, Connecticut, serves bankruptcy clients throughout Fairfield County, CT including the communities of Norwalk, Stamford, Greenwich, Westport, Redding, Wilton, Ridgefield, Darien, Weston, Fairfield, Danbury, Stratford, Monroe, Newtown, Bethel, Danbury, New Canaan, Easton and Bridgeport. The law firm als serves clients in Hartford, CT and New Haven, CT Bankruptcy Courts.
If your company is fundamentally sound but has accrued too much debt, Chapter 11 bankruptcy may be able to resolve the situation and save your business.
Filing for Chapter 11 bankruptcy gives small businesses and qualified individuals the opportunity to reorganize and reduce debt. As soon as you file for Chapter 11, creditors are prohibited from making any further collection efforts until the bankruptcy reorganization is complete. It gives you a chance to negotiate debt workouts with creditors, find ways to reduce costs, and stabilize your business so you can continue operations.
To find out if business reorganization through Chapter 11 bankruptcy could keep your business going, contact an experienced Connecticut bankruptcy lawyer at the Law Offices of Mark M. Kratter, LLC. Call 1-866-Laws 4CT for a free initial phone consultation, or contact us online.
Turn to an accomplished bankruptcy attorney
Attorney Mark Kratter has more than 15 years of experience in filing bankruptcies in Fairfax County, Connecticut, and understands that just as every business is unique, every bankruptcy case is different.
Attorney Kratter considers your monthly income, assets, accounts receivable, expenses, secured and unsecured debt and taxes owed. Based on his experience in bankruptcy, he is confident he can recommend a course of action that will protect your business interests in both the short term and long term.
Solving your cash flow problems
Chapter 11 bankruptcy has debt limits, which attorney Kratter will be glad to discuss with you. Filing for Chapter 11 could give you a number of advantages:
- Creating smaller, more manageable monthly debt payments
- Solving your cash flow problem by eliminating unsecured debt
- Saving money by eliminating unfavorable leases and contracts
Most importantly, filing for Chapter 11 bankruptcy can give you peace of mind. Generally you have up to 5 years to repay business debts in a court-managed plan, so you can keep your business going, avoid laying off valued employees, and rebuild your business credit.
Filing for Chapter 11 bankruptcy may be the most responsible way to respond to short-term issues related to the economy, cash flow problems, and unsustainable real estate loans or leases. To determine if it is appropriate for your business, turn to a bankruptcy lawyer with more than 15 years of experience. Contact attorney Mark Kratter at the Norwalk, Connecticut, law firm of Mark M. Kratter, LLC.
