Chapter 11 bankruptcy allows businesses and individuals to reorganize debt and get back on their feet by means of a court-supervised repayment plan. Most Chapter 11 bankruptcies are filed by large business entities, although Chapter 11 also provides debt relief to individuals who need more flexibility than is offered in other forms of bankruptcy.
At Thinking Outside The Box, Inc., our firm’s insight into all facets of the bankruptcy process allows us to provide clients with the thoughtful and meticulous guidance they need to make it through Chapter 11 proceedings in the most cost-effective and timely manner.
We work with debtors to confidently navigate issues of pre-bankruptcy planning, bankruptcy plan preparation and asset protection while guiding them through the extensive paperwork and applications associated with the process. If you are considering bankruptcy, our experienced attorneys can help you determine whether Chapter 11 is the best option for your particular situation and work to ensure that you achieve the maximum benefit.
Located in Naperville, Illinois, our firm represents clients throughout the Chicago metropolitan area.
Chapter 11 For Businesses
In most cases, a business that files for Chapter 11 will remain in possession of its assets and continue to operate under the supervision of the bankruptcy court. This plan gives the debtor the opportunity to improve business performance, compensate creditors and save employee jobs. Chapter 11 also provides an advantageous forum to discharge taxes and penalties owed to the IRS. Depending on the complexity of the situation, a business could emerge from Chapter 11 bankruptcy in a few months or a few years with debts fully discharged.
If your business is facing a high amount of debt but is in need of more time to meet its financial obligations, a Chapter 11 bankruptcy may work for you.
Chapter 11 For Individuals
Most individuals who prefer debt reorganization rather than liquidation opt for a Chapter 13 bankruptcy. Chapter 13 is less time-consuming, less complicated and less expensive than Chapter 11. However, Chapter 11 offers a great deal of flexibility to individuals who have assets that would be at risk in a Chapter 7 bankruptcy and to those who have more debt than is allowed in a Chapter 13 bankruptcy.