There are multiple reasons why business principals at the helm of struggling enterprises in Pennsylvania and elsewhere contemplate filing a Chapter 11 bankruptcy petition to safeguard their companies’ business futures. Survival and profitability are at the top of the list.
Relevant American laws provide for a myriad of bankruptcy options, each with their own rationale and focused purpose. A Chapter 7 business filing, for example, involves the liquidation of a debtor company and the sale of its assets.
A Chapter 11 bankruptcy has distinctly different goals than that.
We spotlight the subject matter on our website at the established Erie County Quinn Law Firm. Our deep legal team of bankruptcy attorneys serves numerous and diverse commercial clients spanning Northwestern Pennsylvania, and has often employed a Chapter 11 strategy to optimally promote their interests. We note the singular ability of Chapter 11 to help challenged business debtors successfully reorganize their companies and emerge from bankruptcy with renewed prospects.
That is not easy, of course, and the route is not pursued casually by company owners. Business commentators often note that Chapter 11 is a comparatively complex and time-consuming process. Large debt that must be managed is often a core feature of a reorganizing effort. Creditors must be dealt with. A debtor business must continue to operate while bankruptcy is ongoing. A viable post-bankruptcy plan for success must be crafted and withstand judicial scrutiny.
“Don’t go it alone,” stresses one in-depth online overview of the Chapter 11 reorganization process.
Legions of companies that invoke the process while working closely with qualified bankruptcy attorneys ultimately achieve desired business goals. The American commercial landscape is replete with success stories.
Please contact a bankruptcy lawyer at the Quinn Law Firm for further information by calling 814-833-2222.