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Thomas F Tierney, Attorney at Law Bankruptcy Attorney

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Thomas F Tierney, Attorney at Law Bankruptcy Attorney  
Financial adversity is a lot less stressful when you know your legal options. It's like getting a second chance.

Why Chapter 11 Bankruptcy can be better than a Chapter 7 Bankruptcy

Businesses are given the time they need to reorganize, restructure, and become profitable again.

In a Chapter 11 Bankruptcy you are in charge of selling assets and paying creditors. If you have significant assets to be sold you can make sure that you get the best price for these assets, and you can also negotiate with your creditors to settle these debts at the lowest price. In a Chapter 7 Bankruptcy a Trustee is appointed who makes all decisions regarding what to sell and at what price. He is not concerned with your interests, rather he cares about the interests of your creditors. Additionally, the Trustee charges fees for all of the time he spends selling your assets and paying creditors, which fees are often a considerable portion of the assets.

Individuals can file for Chapter 11 Bankruptcy protection, and the advantages can be considerable, because you do not have to pay a Chapter 7 Trustee his hourly rate.  In other words, in a Chapter 11 you can be your own trustee, pay a lawyer who works for you, and have control over the liquidation process. In a Chapter 7 a trustee is appointed who is paid from your assets, and you have no control over the liquidation process.

Chapter 11 Law

When a business is faltering and can no longer afford to pay its employees or keep its doors open, Chapter 11 Bankruptcy may be a viable option to consider.

Businesses that decide to pursue Chapter 11 are given the time they need to reorganize, restructure, and potentially become profitable again. Additionally, filing for Chapter 11 enables businesses to renegotiate debt with creditors in order to remain in operation.:

Remain Operational

Chapter 11 bankruptcy allows a business to remain in operation while reorganizing its structure and debt and avert total liquidation. Under Chapter 11 the company can continue operations.

Keep Assets

Companies can opt for Chapter 11 bankruptcy to protect assets that would be subject to liquidation and distribution to creditors. Rather than liquidation, the business is allowed to restructure its business model and finances..

Propose Your Own Plan

Under chapter 11 bankruptcy, the company is given first rights for coming up with a restructuring plan. This places the company at an advantage by designing a plan that is most favorable for itself, employees and stockholders.The plan usually has to be approved by the creditors but most creditors comply with the plan even if there is dissension.

Pay Debts Over Time

Chapter 11 bankruptcy allows businesses to spread debt payments, including back taxes, out over time. This frees up resources that the company can use to rebuild.

All Debts Are Dischargeable

There are no debts that are considered non-dischargeable under chapter 11 bankruptcy. A company can include all debts in the bankruptcy filing including taxes, rent, equipment payments, loans and legal expenses such as lawsuits.

Call for a free phone consultation

If you are a business owner who is facing financial adversity due to tough economic conditions or relentless creditors, know that you have many options from which to choose. The key to becoming aware of your choices and how alternatives may impact your company’s bottom line is speaking with an attorney at our firm.

At Thomas F. Tierney, Attorney at Law, our objective is to provide you with the financial solutions you need to turn your struggling business into a thriving business. In some cases, that may mean filing for Chapter 11 Bankruptcy. While Chapter 11 may seem like a scary choice, the reality is that it may give you the opportunity to rescue your company while keeping your doors open.

To learn how a Chapter 11 attorney can help you navigate the bankruptcy process, contact our legal team now. Don't tackle such a complex legal issue on your own. Contact Thomas F. Tierney, Attorney at Law for all your Peachtree City, GA, bankruptcy lawyer needs.


Thomas F. Tierney — your personal lawyer, serving Fayette and Coweta Counties: Peachtree City, Tyrone, Fayetteville, Sharpsburg, Fairburn, Senoia, and Newnan

Thomas F Tierney, Attorney at Law Bankruptcy Attorney

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