Chapter 11, Call Us Today 956-994-8072
Bankruptcy is the type of Bankruptcy
application that is used by businesses that have become insolvent. It is the type of Bankruptcy that you hear
about when large corporations, GM, for example, need to declare bankruptcy,
although it can be used for small businesses as well. It is not for consumer bankruptcy, Chapter 7,
Chapter 11 Bankruptcy allows corporations to reorganize
their debts in a way where they can pay off those debts differently. This can be either through having the amount
of those debts lowered, changing the priority of debt payment, eliminating
certain debts or even selling off assets to pay debt down. Chapter 11 Bankruptcy can allow a business to
keep operating with the goal of once again becoming solvent and making a
Chapter 11 is more complicated and time consuming than
other types of bankruptcy, especially consumer bankruptcy. For this reason, retaining a specialist in
Chapter 11 Bankruptcy is best.
For a free legal consultation, please call (956) 994-8072, to schedule an appointment to visit with Bankruptcy Chapter 11 Lawyer Genaro Fraustro.