Nashville Chapter 11 Bankruptcy Attorneys Steer Debt-Ridden Small Businesses in the Right Financial Direction
Don’t struggle alone. Lean on our experience for your Chapter 11 bankruptcy
There are several types of bankruptcy options available to small businesses struggling financially, one of which is Chapter 11. This type of bankruptcy is commonly used by businesses as a means through which to address overwhelming debt load while remaining in business. Our Nashville bankruptcy firm exclusively handles Chapter 11 bankruptcy for small businesses and after four decades of experience, we fully understand and appreciate the circumstances facing smaller businesses being crushed by debt.
Walking you through the Chapter 11 process
Once a bankruptcy petition has been filed, an automatic stay activates to protect your business from additional collection efforts, judgments, foreclosures, and other creditor actions against you. With our assistance, you then make certain disclosures to the court, which includes financial, statements, listing of debts and assets, and other information. Our bankruptcy attorneys work quickly and aggressively to develop a reorganization plan that best positions your business to succeed post-bankruptcy.
An emphasis on small businesses enables us to better assist you
The Chapter 11 process contains special provisions for small business debtors. The law defines these as those in which debts are under a certain amount and in which creditors are unable to be as involved in the bankruptcy process as they would be in other bankruptcy cases. There is also additional oversight by the court in small business cases, and deadlines that differ from the regular Chapter 11 process. Because we exclusively handle small business cases, we understand these procedures and the nuances of proceeding under these Chapter 11 provisions.
What are the advantages and disadvantages to filing bankruptcy under Chapter 11?
There are advantages and disadvantages to declaring bankruptcy, including a Chapter 11 bankruptcy, and our Nashville Chapter 11 attorneys can help you weigh these to determine what is best for your business.
- Advantages – The primary advantage to filing Chapter 11 in Nashville is that it enables your business to remain in existence post-bankruptcy, during which time you gradually repay a portion of your debt. Another advantage is that timelines for repayment can be extended in Chapter 11 cases.
- Disadvantages – There are, however, disadvantages to pursuing this course of action, including the costs incurred in Chapter 11 proceedings. While the small business provisions attempt to make the process quicker, it can nevertheless be an expensive undertaking for small businesses already struggling financially. Additionally, the debts eligible for discharge are more limited in a Chapter 11 bankruptcy than they are in other types of bankruptcy.
Contact us and start your
Nashville business reorganization today
If you are a small-business owner and are considering filing Chapter 11 in Nashville, let us help you and your business. Call The Nevin Law Firm at (615) 244-7708 or come by our office. We are conveniently located across from the Old Historic Courthouse in downtown Nashville. Our building offers ample parking and we are also easily accessible by public transportation. We have payment plans available for clients, depending on your circumstances.