No matter how tirelessly you may have worked, you might be at a point where you can no longer keep up with your business debts. This does not mean that it is the end of the road, though. You have the option to restructure your debt with Chapter 11 bankruptcy.
Like many other people in Georgia, you may only associate Chapter 11 with large corporations. However, this form of bankruptcy is also for smaller businesses and even individuals who have acquired debts in excess of $1.1 million. For example, high net worth executives and other professionals who unexpectedly lose their incomes often take advantage of Chapter 11 to avoid foreclosure or losing important personal business assets.
If this is your situation, it is time to carefully analyze your financial situation. Understanding where you are at is essential to creating a plan for restructuring your debt. The court will oversee this plan, so it is important to present one that it finds acceptable. In addition to helping you manage, pay and ultimately discharge some of your debt, Chapter 11 bankruptcy can also:
- Stop foreclosure
- Stop repossessions of business and professional assets
- Protect your professional and financial reputation
- Save money on late fees and interest
Navigating your way out of debt can be complicated, but this is not something you have to handle all on your own. Other high net worth professionals in Georgia have benefited from seeking professional guidance through the process of filing for Chapter 11 bankruptcy. Having the right help on your side could be key toward securing the best payment plan possible.