How Business Reorganization Works
At Butler & Butler, LLP, we serve North Carolina businesses with honest, experienced advice and representation related to corporate bankruptcy and restructuring. As your bankruptcy law firm, we will protect and work with you from before your filing until the proceeding is finished to ensure a successful result.
What Is Business Reorganization?
The term “business reorganization” can make small-business owners uncomfortable at first. The purpose of business reorganization under Chapter 11 bankruptcy is not to radically change the way you run your business. Instead, business reorganization is meant to pull your company out of debt and give it the maximum chance of being profitable.
Under a reorganization plan, the court addresses creditors’ claims based on the type of claim and the nature of the creditor. For example, secured creditors may get priority over unsecured creditors. Tax agencies and employees seeking compensation are also among those with first priority.
Negotiating The Lowest Settlements Possible
One of our highly skilled bankruptcy lawyers will work with you, the court and your creditors to develop a reorganization plan. This could involve renegotiating your current contracts, along with negotiating settlements with your creditors. We are tough negotiators and understand how to use your leverage, and we are often able to greatly reduce our clients’ debt load, as well as set them up with a repayment plan that is within their means.
We will untangle your finances and determine the order in which your business’ debts must be handled. Bankruptcy can be complex, but we will explain the process to you clearly, and keep you informed of all developments.
Learn More About Business Reorganization
For more personalized advice about your company’s bankruptcy options, please call 910-726-3155 or email us to schedule a no-obligation consultation with one of our attorneys. We are located in Wilmington and serve all surrounding communities.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.