Oklahoma City Chapter 11 Bankruptcy Attorney

Debts Threaten the Loss of a Business

Corporations, partnerships and other business entities that are facing insolvency can seek legal help through the bankruptcy courts. During hard economic times, making some unwise financial decisions, employee theft, or other factors can take a financial toll a business enterprise. For information about Chapter 11, contact an Oklahoma City bankruptcy attorney that is experienced in the different types of bankruptcy proceedings. Mitchell | Hammond is a law firm knowledgeable in all aspects of the bankruptcy courts and how the laws can give protection to a financially troubled business. Chapter 11 bankruptcy allows business owners a chance to reorganize while catching up on payments. This type of bankruptcy may also be available to certain individuals who do not meet Chapter 13 standards. Gary Hammond has been a Chapter 7 Trustee and has successfully administered over 13, 000 cases. We work closely with our clients understanding the types of problems associated with large debts.

How can Chapter 11 help?

An advantage of Chapter 11 is the chance for business owners to restructure their debts and other financial obligations and remain in business while catching up on payments. It offers more flexibility and options as well as the ability to retain real estate, investment property and other assets of the business. A Chapter 11 bankruptcy can help avoid liens, terminate contracts and leases, and challenge creditor's claims. While there are many advantages there are some disadvantages related to Chapter 11 bankruptcy.

Litigation between creditors and debtors can be costly and time consuming. There are also fees and reports that are due to the U.S. Trustee's Office. A lawyer can evaluate the financial situation and give legal advice as to the best approach to take to resolve the situation. It is important to make a decision based on the information and decide if Chapter 11 is the correct action to pursue. For many, the chance to remain in business while catching up on payments and retain assets is the best route to financial solvency. Make an appointment today for a consultation with one of our bankruptcy attorneys.

Contact an Oklahoma City Chapter 11 b ankruptcy lawyer if you need to file for Chapter 11 bankruptcy relief from debt problems and business insolvency.