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Is Chapter 11 Bankruptcy An Option?

At Cunningham, Chernicoff & Warshawsky, P.C., we advise business clients and creditors in all aspects of bankruptcy matters. For more than 30 years, we have helped protect the financial interests of our clients while obtaining debt relief and enabling financial reorganization. Our attorneys have extensive experience in financial analysis and renegotiation of debts, leases and obligations, as well as the ability to protect and pursue clients’ rights in court.

Do Not Wait To Call

When a business’s cash flow becomes tight, the natural impulse of a business owner is to work to generate increased revenue. In the case of a growing business, this is only going to cause the solvency problem to worsen due to the need to finance increased production. For a steady business, this drives up costs, with no guarantee of success.

If your business is showing solvency problems, call Cunningham, Chernicoff & Warshawsky, P.C., for a consultation as soon as possible. Our experienced Harrisburg business bankruptcy lawyers and professionals may be able to help before the situation becomes critical.

We will analyze the source of your company’s financial problems and recommend a strategy to deal with it. For some companies, this may involve alternatives to bankruptcy. For others, this may involve financial and debt restructuring under Chapter 11 of the Bankruptcy Code or possibly liquidation under Chapter 7.

We Understand Business And The Law

If a bankruptcy filing under Chapter 11 is the best solution, our team has the experience and ability to put together a reorganization plan acceptable to the court and to creditors.

We will work with you to protect your assets and interests and to put in place a plan designed to enable your firm to emerge from Chapter 11 as a financially healthy and viable enterprise.

Cunningham, Chernicoff & Warshawsky, P.C., has worked on behalf of businesses and business owners in central Pennsylvania since 1978. As experienced bankruptcy and business attorneys, we understand the law, but we also understand business. Our goal is to help our business clients grow and prosper.

How Long Does Chapter 11 Bankruptcy Take?

The time frame within which Chapter 11 bankruptcy proceedings can be completed varies case by case, as there is no predetermined time limit. On the shorter end, the process could be finished in as little as six months. However, most Chapter 11 cases last about two years. If your situation is especially complex, the process could take as many as five years. 

Do You Have To Dissolve Your Company If You File For Chapter 11 Bankruptcy?

The United States is very pro-business, and its bankruptcy code reflects that. Most businesses remain intact after Chapter 11 bankruptcy. Most can even continue to operate while the process is underway. These are why this debt relief option is so attractive to business owners. While you may need to part with some assets to repay creditors, the process is designed to protect your business so it has another chance to flourish.

What Is A Plan Of Reorganization?

A reorganization plan is a document that details how you intend to pay back the debt you owe over time, including proposed monthly payments. It’s a critical component of Chapter 11 bankruptcy because it is precisely the thing that will allow your business to remain open and operational. After you create a reorganization plan, you must file it with the court. Your creditors will have the opportunity to review it, and a majority of them will have to approve it. If the court agrees that it’s fair, reasonable and legally sound, they will likely accept it.

What If Your Reorganization Plan Is Rejected?

The court has the authority to reject your plan, even if a majority of your creditors approve it. If, for some reason, the court denies your reorganization plan, you’ll have to start over. Having legal guidance when creating a reorganization plan gives you a better chance of it being approved the first time.

Call Our Business Bankruptcy Lawyers Today

If your business is in trouble, we’re here to help. To arrange a free consultation with one of our experienced attorneys, email our firm or call us at 717-260-3527.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Attorney Robert Chernicoff, designated a Super Lawyer, works extensively on these types of cases.