Protecting Your Business From Creditors
Filing for a Chapter 11 bankruptcy allows debtors — typically businesses and high-net-worth individuals — to reorganize and reduce their debts.
I am William E. Maddox, Attorney at Law. Based in Knoxville, my firm has helped clients throughout Tennessee reduce their debts, restructure their businesses and move forward to a financially healthy future. Serving the area for more than 20 years, I understand the needs and concerns of clients in the region, and stand ready to answer questions and offer support.
How Chapter 11 Benefits Businesses
When businesses get into debt, Chapter 11 provides them a path back to financial health.
As with Chapter 13 filings, Chapter 11 repayment plans lay out the amount and number of payments to be made to various creditors. After the plan is complete, any remaining debt is discharged. Because businesses are able to retain their assets during the Chapter 11 bankruptcy process, they can continue operations and use incoming revenue to pay back portions of their debt.
In addition to debt repayment, I counsel my clients throughout the restructure of their businesses, assisting with the termination of leases and contracts and other transactions, and help my clients recover the important assets they need to create financially stable companies.
As soon as your Chapter 11 bankruptcy papers are filed, the automatic stay requires all creditors to cease contact. The automatic stay also provides management the time needed to re-evaluate business plans, and perform any mergers or reorganizations necessary to continue operations.
Providing High-Earning Individuals A Path Out Of Debt
Individuals with substantial earnings are often ineligible to file for Chapter 7 or Chapter 13 bankruptcy. In these cases, Chapter 11 allows them to start anew by reorganizing and eliminating substantial amounts of debt.
If you are a business or a high-net-worth individual struggling with debt, you need an experienced bankruptcy lawyer by your side. Contact my firm to learn more. You can call me at 865.314.8062 or toll free at 800.440.6505. You can also reach me online. Initial consultations are free, enabling me to answer your questions and inform you of your options before you’re obliged to pay.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.