Diligent Little Rock Law Firm Can File for Chapter 11 Bankruptcy Protection for You or Your Business
We are a debt relief agency filing under the United States Bankruptcy Code
Bankruptcy is a complicated business. If your company is in debt and you are considering filing Chapter 11 bankruptcy, attorney Matthew Henry at The Henry Firm, P.A. can help. Our legal team appreciates that Chapter 11 is both the most expensive and most complex of all bankruptcy procedures.
If you want to continue to operate your business after bankruptcy, Chapter 11 may be your only option, particularly if your business is structured as:
- A partnership
- A limited liability company
- A corporation
Chapter 11 can be either voluntary (the business owner files) or involuntary (a creditor files). Either way, filing Chapter 11 allows a business to reorganize its finances and restructure its debts. This can involve a lot of work, including:
- Listing all assets and debts
- Listing income and expenditures
- Submitting a plan for repayment
Little Rock Chapter 11 bankruptcy firm advocates for your business
The Arkansas bankruptcy law team at The Henry Firm, P.A. wants you to be able to keep your business. Our bankruptcy professionals can petition the court to allow you to be a debtor in possession. This means that you can retain control of your business while your bankruptcy plan is being organized. Once the plan is submitted, our Little Rock bankruptcy team of professionals helps you modify your payment terms to your creditors, balancing your balance sheets and hopefully regaining profitability, so that you can continue operating your business.
Arkansas bankruptcy team helps you understand your choices
In some cases, a small business may be eligible to file for bankruptcy under Chapter 13. Chapter 13 will often allow you to maintain secured assets that are worth more than what might be otherwise exempted by Arkansas bankruptcy exemptions. However, under Chapter 13 bankruptcy protection, you will have to show that creditors will receive at least as much as they would have received had you filed for Chapter 7 and liquidated your assets. You must also be able to show a regular source of income in order to file for Chapter 13. That regular income must leave you with sufficient disposable income to pay off your creditors.