Advantages of Chapter 11 Bankruptcy
Numerous new businesses open every year across the United States. Unfortunately, many of these businesses also close their doors every year due to financial struggle or instability. Fortunately, business owners facing financial hardship or continual loss in profit have an option to get out of debt while continuing to operate by filing for Chapter 11 bankruptcy. If your business is currently struggling, you should consider Chapter 11 bankruptcy as a serious option.
At Hong Law, PLC, our Cedar Rapids Chapter 11 bankruptcy lawyers know how difficult facing financial insecurity can be. To learn more about how you can achieve debt forgiveness through Chapter 11 bankruptcy, contact us today at (319) 294-5853 to schedule a free consultation.
Why You Should Consider Chapter 11 Bankruptcy
Business owners have options when filing for bankruptcy. Along with Chapter 12 and even Chapter 7, business owners can also file for Chapter 11 bankruptcy. This type of bankruptcy has a number of advantages that other chapters do not offer. These include the following:
- Can discharge virtually any type of debt, including most debts that are normally considered nondischargeable
- Businesses can pursue debt relief while remaining open
- Freedom from harassing creditors or collection agencies under the automatic stay protection
- Create a repayment plan with smaller payments spread out over a longer period of time to make it easier to pay back
By using Chapter 11 bankruptcy, all the hard work you’ve put into your business does not have to go to waste.
For more information about how a skilled and experienced bankruptcy attorney can benefit you, contact our Cedar Rapids Chapter 11 bankruptcy attorneys of Hong Law, PLC, today at (319) 294-5853 to schedule a free consultation.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office