Business Reorganization and Debt Relief in North Carolina
Chapter 11 bankruptcy is a business bankruptcy that allows a business time to reorganize itself, while allowing it to renegotiate debt with creditors. It is typically a good option when a business will be able to continue operations if it is provided with debt relief or restructure plan and when there are too many creditors for a debt settlement to be effective.
Businesses are typically allowed to continue to operate during the Chapter 11 process, although these operations must be done under the supervision of a bankruptcy court.
The bankruptcy lawyers at Ferguson, Scarbrough, Hayes, Hawkins & DeMay, P.A., in Concord, have worked extensively with businesses and other debtors for more than 30 years. Attorney Ed Ferguson is also a bankruptcy trustee for the Middle District of North Carolina, which provides a unique perspective and understanding of bankruptcy from both the debtor and the trustee sides.
Experienced Concord Business Bankruptcy Attorneys
A Chapter 11 bankruptcy will begin with the filing of a petition with the bankruptcy court, as well as schedules of assets and liabilities, a schedule of current income and expenditures, a schedule of executory contracts and unexpired leases, and a statement of financial affairs.
The initial petition will include standard information such as tax identification number, location of principal assets, the debtor's plan or intention to file a plan, and a request for relief under the Chapter 11 of the Bankruptcy Code.
Our firm can guide you and your business through the process by helping you understand how to file and what to include in a bankruptcy petition. We will ensure that your rights are protected throughout.
Chapter 11 Bankruptcy in North Carolina
If your business is having difficulty paying off debt, Chapter 11 bankruptcy may be an effective option for debt relief. Contact our Concord office and schedule an appointment for an initial consultation. Call us locally at 704-788-3211. Spanish language translation is available.
