Chapter 11 Bankruptcy in Pennsylvania
Skillful Harrisburg Bankruptcy Lawyer
Commonly referred to as rehabilitation bankruptcy, Chapter 11 allows businesses to restructure their debt and remain operative throughout the process. Individuals whose debts are too high or complex for Chapter 7 or Chapter 13 protection may also be able to petition for Chapter 11 protection.
Filing Chapter 11 can complex and challenge without the help of an attorney. Numerous steps are involved, including the possibility of negotiating with each of your creditors. If you are considering petitioning for rehabilitation bankruptcy, our skilled Harrisburg bankruptcy attorneys can provide the supportive and assertive legal counsel you require to successfully navigate this complicated process.
Contact Dethlefs, Pykosh & Murphy Law today torequest a case consultation.
Reorganizing Overwhelming Financial Obligations
Whether your business is in financial trouble because of a disaster or overoptimistic venture, the end result is usually the same: hounding creditors and an abundance of debt that threatens the livelihood of your business. Chapter 11 bankruptcy provides the legal means to make your debt more manageable so your company can regain its financial stability.
Depending on the case, Chapter 11 may enable you to:
- Restructure the terms of your unsecured debt
- Sever or renegotiate leases / contracts that are lessening profitability
- Cram down payments on secured debts (company vehicles, real estate, etc.)
- Reorganize tax debt
Time Frame For Chapter 11 Proposal
There is no set limit to the period of time needed to propose a chapter 11 plan. Some are completed in a few months. However, it usually takes at least 6 months to 2 years for the case to be closed.
Obtain Legal Help from a Bankruptcy Attorney in Harrisburg
At Dethlefs, Pykosh & Murphy Law, our practice is solely focused on bankruptcy. Our highly experienced team can provide the strategic insight and strong representation you need to effectively complete a Chapter 11 bankruptcy. Rehabilitation bankruptcies can be extremely complicated and require dedicated legal counsel fully abreast of the current laws and regulations governing the process.
We provide diligent direction and supportive advice throughout every stage of your bankruptcy proceeding. To learn more about how declaring Chapter 11 bankruptcy may help your business move beyond the red and into profitability, call us today to schedule a free case evaluation.