Chapter 11 Bankruptcy
Chapter 11 Bankruptcy usually refers to a business reorganization process. It is used by businesses facing financial challenges that wish to continue in business, rather than shut down. In Chapter 11, the Bankruptcy Court will approve a reorganization plan that provides for the ongoing payment and/or the potential discharge of certain business debts. This chapter also allows for the reevaluation of any existing contracts the business has. In general, the goal is to create a framework in which the struggling business can return to profitability. Individuals may also seek Chapter 11 protection, and in some cases, Chapter 11 bankruptcy proceedings may be involuntary.
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The bankruptcy attorneys of Calaiaro | Valencik have decades of experience handling Chapter 7 bankruptcy matters. To find out if we can help, please contact us at 412-232-0930.