Chapter 11 bankruptcy law is a mechanism that can be used by individuals, businesses and other entities that face insurmountable debt. However, those considering such action should first consult with a bankruptcy law firm to determine whether the law is suitable for them. The Ursulova Law Offices offer this type of assistance.
Filing for Bankruptcy
Financial distress can result from one or a combination of factors, including long-term unemployment, accidents, serious illnesses or excessive credit card debt. A bankruptcy filing may be the only way to recover from massive expenditures and ensuing debt. The process is not easy, however, and there are many issues that must be dealt with if the filing is to be successful. Bankruptcy attorneys in Brooklyn NY understand the law and can help their clients navigate through this complex process.
The Basics of Chapter 11
This law is generally used by corporations of all sizes. Under Chapter 11, the business that is in debt can usually continue to operate, but it is subject to court oversight. A Chapter 11 may result in the continued operation of the company after a significant reorganization, a dismissal of the original bankruptcy or a liquidation of the business. In New York, Chapter 11 is also available in individual bankruptcies. A bankruptcy law firm can help establish whether the Chapter 11 route is available in a particular set of circumstances.
Seeking Legal Assistance
Chapter 11 law may in some cases reduce the amount owed on property that is backed up by collateral and can even reduce unsecured debts. However, the law is complicated and can be expensive to use. It is for these and other reasons why those considering a Chapter 11 filing should seek the services of bankruptcy attorneys in Brooklyn NY. They should specifically consider contacting Ursulova Law Offices.