Help Your Business Escape Debt with Chapter 11 Bankruptcy in Peoria IL
As business owners, you work diligently to ensure your company can be as profitable and successful as possible. However, unforeseen events and unexpected expenses can sometimes sink your ambitions and get you caught in a cycle of debt. Thankfully, there’s still hope! Through Chapter 11 bankruptcy in Peoria IL, you can relieve some of your debt and bring your business back into profitable margins. Allow Stephens Fiddes McGill & Associates to show you how.
What is Chapter 11 Bankruptcy?
In filing for Chapter 11 bankruptcy, you give your business another shot at recouping losses. And in discussing this option with an attorney, we can help you acquire the proper paperwork and complete successful filing.
- The Idea of Chapter 11
- Overall, Chapter 11 puts a halt to any debt collections, eviction notices, payment requests and other collection processes that might be inhibiting your business’s finances. However, these debts don’t completely go away; instead, a plan is agreed on between the filer, creditors and court that a more manageable payment system is established.
- What is Dropped or Restructured?
- Once your filing for Chapter 11 bankruptcy in Peoria IL is agreed to, our team will work with you and outside parties to determine what can be done with certain debts and various assets. In most cases, you’ll find creditors will work with you to provide more manageable payments, allowing you to continue paying off debt while making a profit. Also, liquidation of assets or downsizing operations might become a requirement to meet Chapter 11 obligations.
- Why Consider Bankruptcy?
- Truthfully, Stephens Fiddes McGill won’t recommend bankruptcy right off the back. We will first sit down with you and go through other potential options for resolving debt. However, filing for bankruptcy can be beneficial overall for you and your business. Putting a halt to creditors harassing you, not to mention giving you another chance at success, are just two benefits of Chapter 11. And especially in times of hardship or crisis, Chapter 11 might be the best option to save your business.
Additional Legal Services
Stephens Fiddes McGill & Associates can also assist families or individuals seeking to file for Chapter 7 or Chapter 13 bankruptcy. Furthermore, we provide a range of legal services outside of finances and bankruptcy. For example, our practice areas include:
- Personal Injury
- Workers’ Compensation
- Traffic Law
- Real Estate Law
- Social Security Disability
- Probate Law
- Criminal Law
- Family Law
Give Us a Call
See your business get back on the right track with help filing for Chapter 11 bankruptcy in Peoria IL from Stephens Fiddes McGill & Associates, P.C. Call us today at 309-637-5297 to request a free case evaluation. Also, we are located at 456 Fulton St, Ste 222, Peoria, IL 61602.