According to an investigative Business Insider report, there were approximately 800 Chapter 11 bankruptcy filings just last month and these business-related bankruptcies are now at their highest levels since early 2011.
In fact, the frequency of Chapter 11 filings has surged by nearly 65% during the past 12 months and experts predict that this trend will continue for the next few years, which is why it’s so important to understand exactly how your local Chapter 11 bankruptcy attorney in Bremerton, WA can help protect and uphold your business prospects.
What Is Chapter 11 Bankruptcy?
As any reputable Chapter 11 bankruptcy attorney will tell you, Chapter 11 is often referred to as reorganization bankruptcy because it allows you to restructure your debt and avoid completely shutting down your company. During the process, you’ll be able to continue day-to-day operations while your Chapter 11 bankruptcy attorney establishes a practical reformation plan and works with the courts to create an economical debt repayment strategy.
In this regard, thousands of large-scale American companies have filed for this type of bankruptcy during the past several years, including Ally Bank, Bloomingdale’s, Delta Air Lines, and United Airlines, just to name a few of the most prominent organizations.
Why Should I Partner with a Lawyer?
To put it plainly, your neighborhood Chapter 11 bankruptcy attorney can serve as your consultant, negotiator, legal advisor, and personal advocate from start to finish:
• Consolidate your debts and liabilities to alleviate the strain on your bottom line
• Facilitate a cost-effective liquidation of certain assets to repay your creditors and preserve your most valuable resources
• If necessary, create a suitable downsizing strategy to reduce overhead expenditures
• Work with your vendors, partners, and shareholders to ensure a mutually beneficial outcome
• Negotiate with the local judges and legal authorities to safeguard your wealth
When it comes time to save your livelihood and avoid a harrowing financial crisis, be sure to visit The Law Office of David Carl Hill for personalized assessment and top-notch guidance. You can also follow them on Twitter.
