How does Chapter 11 bankruptcy work?

Chapter 11 allows a business to restructure its business organization in order to continue operation while repaying their debts through a structured plan. This process is much more complex than the Chapter 13 repayment plans used in personal bankruptcy, and the creditors of the business must accept the terms of the process before it will be approved. If your business debts are small enough, the company may be able to be classified as a “small business debtor”, which greatly expedites the process.

Bankruptcy may be the answers to your business debt. For more information, call our qualified Houston bankruptcy attorneys at Russell Van Beustring P.C., today at 713-973-6650.