During the last recession, hundreds of thousands of companies went bankrupt in the U.S., but some of them were able to recover. Economists claim that Chapter 11 bankruptcy is one reason our economy bounced back faster than some others. The U.S. system of second chances is seen as our economy’s secret weapon, even prompting other countries to adopt chapter 11-style laws.
While some business owners may be reluctant to file, those that do are able to wield the protection that Chapter 11 bankruptcy offers. Bankruptcy allows companies that cannot pay their bills to hit a pause button so that they can come up with a strategy to turn things around. It may be a matter of closing multiple locations for some businesses to restructuring loans for others. Under the auspices of bankruptcy protection, some companies can realize a turnaround or find a path to settle their affairs amicably.
Many businesses across the nation will face a difficult financial situation at some point. Fortunately, Chapter 11 bankruptcy can help many to protect their investments and financial security. If you are a small business or entrepreneur and have questions regarding what Chapter 11 business bankruptcy can offer you, contact the Peoria, Illinois bankruptcy law firm of Charles E. Covey for more information.
Contact an Experienced Peoria Illinois Bankruptcy Lawyer
Attorney Charles Covey has over 30 years of experience offering debt relief solutions to business owners including Chapter 11, Chapter 7 liquidation and Chapter 13 for businesses. He can assist your company with liquidation of business assets, tax relief, creditor harassment and more. Call today for a free consultation at 309-674-8125. We look forward to assisting you.
