Chapter 11 Bankruptcy Protection
A Chapter 11 bankruptcy is a tool for individuals, LLCs, partnerships, and corporations to reorganize their debts. Like a personal Chapter 7 bankruptcy or a personal Chapter 13 bankruptcy, the party filing a Chapter 11 bankruptcy is immediately protected and shielded from its creditors on the date of the filing. This enables an individual or business to immediately halt Internal Revenue Service levies, state of Alabama tax levies, foreclosures, repossessions, and any other litigation involving the collection of debt.
Due to the complexities of Chapter 11, our firm does not charge for initial consultations in order to evaluate the financial situation of an individual or business. C. Taylor Crockett, P.C. has handled Chapter 11 bankruptcy cases throughout the state of Alabama. Our Chapter 11 bankruptcy practice is primarily focused in the following counties: Jefferson County, Shelby County, Blount County, Bibb County, Tuscaloosa County, St. Clair County, and Talladega County.
In a Chapter 11 bankruptcy case, you continue to operate your business in its ordinary course. While under Chapter 11 bankruptcy, you run your business subject to the supervision of the court. The goal of a Chapter 11 bankruptcy is to propose a plan to restructure your financial obligations with your creditors. Under a Chapter 11 proposed plan, you can rewrite contractual obligations, establish new terms of repayment, reject leases that are unfavorable, and discharge unsecured debt.
Attorney Crockett is a bankruptcy lawyer who can assist you or your business in reorganizing your financial situation in a Chapter 11 bankruptcy case. If you would like more information on Chapter 11 bankruptcy, please call our office