Raleigh Bankruptcy Law Blog

When a business is struggling, its owners should be familiar with business bankruptcy protections that may be available to help. Corporations, partnerships and sole proprietorships that are struggling with overwhelming business debt and looking to get back on their feet may all benefit from Chapter 11 bankruptcy protection.

Corporations, partnerships and sole proprietorships would certainly benefit from understanding Chapter 11 bankruptcy protection and what it involves. Chapter 11 bankruptcy is a reorganization bankruptcy option that allows the struggling business to reorganize its debts and seek sources of new capital while remaining in business. Guided by the bankruptcy court, the business can usually remain in business during the process and the business owners can remain in charge of the daily operations of the business.

Chapter 7 bankruptcy is an important resource for struggling consumers seeking options to help them with their financial struggles. Chapter 7 bankruptcy is a personal bankruptcy option that can provide important protections to struggling consumers, as well as debt relief.

Chapter 7 bankruptcy is a personal bankruptcy option that allows the filing party to liquidate non-exempt assets to repay creditors and enjoy a fresh financial start. Chapter 7 bankruptcy is one type of personal bankruptcy protection and it is worthwhile for interested consumers to understand the options available and which might be best for them. While Chapter 7 bankruptcy is a liquidation bankruptcy option for individuals who qualify, certain categories and types of property may be protected from the process.

Bankruptcy can be an extremely helpful tool for recovering from poor financial circumstances. However, it can also come with a pretty significant knock on your credit score. An important thing to keep in mind is that this low credit score isn’t permanent. In fact, there are easy steps North Carolinians can take to start the process of rebuilding credit.

Here are a few things you can do to start strengthening your credit:

It is important for struggling businesses to be aware that there are business bankruptcy options available for when they need help. Chapter 11 is a reorganization bankruptcy option for businesses wanting to remain in business and seek relief from overwhelming debt.

The Chapter 11 bankruptcy process allows the struggling business to remain in business and continue its daily operations as it is going through the Chapter 11 reorganization process. During the process, it can work out a repayment plan and may also seek new sources of capital and ways to reduce costs. The struggling business will work with the bankruptcy court to develop a suitable repayment plan and is a good option for businesses that wish to enjoy debt relief and become profitable once again.