Filing Chapter 11 Bankruptcy
Chapter 11 bankruptcy is primarily used by large corporations to reorganize debts and pay creditors over a period of time. However, Chapter 11 is also available to small businesses, partnerships, and even individuals. Unlike other bankruptcy chapters, such as Chapter 13, there are no limits to the amount of debt the debtor can have. Attorney Ted Troutman in Portland, OR, has helped many clients through this process. For more than 30 years, he has dedicated his career to helping companies, individuals, and other entities choose the right strategy for handling unsurmountable debt. During an in-depth conversation, he can help determine if filing Chapter 11 bankruptcy is the right approach for you.
When to Consider Chapter 11 Bankruptcy
The primary benefit of filing Chapter 11 bankruptcy is that it allows the debtor to remain in possession of his or her assets. For the most part, business operations can continue, although these operations are closely monitored (and must usually be approved by) the court.
Mr. Troutman has more than 30 years of experience in bankruptcy law. He can carefully review your debts, assets, and other relevant factors so you can make a decision regarding which chapter to file.
If you have amassed large sums of debt that you are struggling to repay, you may want to consider Chapter 11 bankruptcy. By filing Chapter 11, you can continue your business operations without disruption. This chapter can help you avoid foreclosures, repossessions, lawsuits, and more. The threat of losing valuable assets is the most common reason businesses file Chapter 11.
How Attorney Ted Troutman Can Help
The best way to determine if filing Chapter 11 is the right choice for you is to meet with a bankruptcy lawyer. Mr. Troutman has focused on bankruptcy law for more than 30 years. He can carefully review your debts, assets, and other relevant factors so you can make a decision regarding which chapter to file. If you choose to file Chapter 11, he will guide you through the entire process.
With his help, you will file a voluntary petition with the bankruptcy court to begin the process. He will then help you develop a reorganization plan to present to the court and creditors. Generally, debtors have four months after filing their petition to develop this plan. However, the court may grant an extension. Mr. Troutman will ensure your reorganization plan is submitted on time and that it serves your best interests, as well as those of the creditors.
Begin the Filing Process Today
If you are facing the loss of valuable assets due to large amounts of debt, you may want to consider filing Chapter 11 bankruptcy. The surest way to decide if this option serves your best interests is to consult an attorney versed in bankruptcy law. Contact Troutman Law Firm, PC, online to schedule a consultation to discuss your case. You can also call our offices directly. You can reach our Portland office at (503) 597-1651 or our Beaverton office at (503) 292-6788.
For any questions, inquiries, or to set up a consultation with us, please fill out the form below.
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