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Filing Chapter 11 Bankruptcy In Virginia

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Chapter 11 bankruptcy is primarily used as a means to restructure a businesses debt, allowing the business to continue operating as the proceedings continue while at the same time guaranteeing an automatic stay from creditors. An automatic stay prevents any creditors from continuing collection attempts. Although your business will continue to operate, its performance would be monitored by a federal trustee, or someone who is required to oversee your businesses ongoing proceedings as the case continues.

In addition to the ability to continue operating your business, filing under chapter 11 also allows you to propose a reorganization plan to pay back creditors in a fashion that best accomodates your businesses health. After a set period of time, if you have not proposed a plan, the assigned trustee will for you

Fililng a chapter 11 bankruptcy requires an attorney with experience and knowledge in the field. If you are considering filing for bankruptcy and would like to discuss your unique situation with an experienced Hampton Roads bankruptcy attorney, please contact our offices immediately for a free initial consultation. Our office is open Monday through Friday from 9:00 am to 5:00 pm and on Saturdays per request. We also welcome any foreign or non-english speakers. Please contact our office by email or at 757-233-0045

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