The Real Truth About Chapter 11 Bankruptcy
The word ‘bankruptcy’ can be enough to make anyone cringe. After all, it is a common conclusion for people to equate bankruptcy with total and utter financial ruin and failure. Most resort to this financial solution as a one all, end all – totally defeated. Little do most people know that filing for bankruptcy could be the benchmark into bettering your credit history as well as putting you on the road to financial freedom and stability.
Due to the booming industry of business these days, a lot of people venture into creating their own establishments and businesses in order to pursue their own individual passions. However, some financial mistakes can lead these owners into debilitating debt that could mean the end of their passion project, of the dreams that they have worked so hard to achieve. Filing for Chapter 11 bankruptcy does not, however, equate to the end of a dream – rather, it could be the start of the road into making smarter and more efficient financial choices.
A Raleigh Chapter 11 bankruptcy lawyer could tell you the basics of this type of bankruptcy. You will be able to continue your business and you will no longer have to worry about being continuously harassed for payment by creditors. This type of bankruptcy allows for you to create a systematic financial payment plan that is more suitable for your lifestyle and livelihood and even make it possible for you to apply for loans at rates that are favorable for you.
Due to the fact that bankruptcy law can be quite complex and arduous, and that everyone has a different financial situation – it can be difficult to ascertain if filing for bankruptcy could be the best thing to do for the future of your business. That is why, if you should see yourself in a bit of a financial pickle and are considering filing for bankruptcy, it is advisable for you to contact a lawyer who specializes in this branch of the law so that your case can be properly advised and represented.