Knoxville Chapter 11 Attorneys
Reliable Bankruptcy Firm Serving East Tennessee
If your business is at risk of closing down because of significant financial burdens, you are not alone. Recently, thousands of companies have had to seek solutions for debt relief. At the Law Offices Of Mayer & Newton, we have helped many of those companies find the relief they need through filing for Chapter 11 bankruptcy. Although this form of bankruptcy is more complex than others, such as Chapter 7 and Chapter 13, it is often an effective way for companies to not only restructure their debts and remain in business, but also make the company profitable again.
To find out if this form of bankruptcy is right for you, call our Knoxville Chapter 11 lawyers at (865) 328-7993 to arrange a free consultation.
What Is Chapter 11 Bankruptcy?
Chapter 11 gives business owners the opportunity the reorganize their debts, assets, and affairs in pursuit of a fresh start. It involves proposing a plan of reorganization to pay back creditors over time. Although Chapter 11 is the most complex of all bankruptcy cases, and only entered into after all other options have been exhausted, it has enabled many business owners to escape scenarios of overwhelming debt and end up in a position of financial security.
How Chapter 11 Can Help Your Business
If your business has failed to make a profit over the course of several consecutive months, then filing for Chapter 11 might be the right path to get you out of debt.
There are several benefits of filing for Chapter 11 bankruptcy, including:
- Restructure your debts into lower monthly payments
- Make a partial repayment on your unsecured debts
- Keep your business open as you pay back your creditors
- Remain in control of business operations
- Maintain your good name and clientele base
- Receive reduced rates on high-interest loans
- Extend payments of unsecured tax debts for up to five years
- Sell your property free and clear of interests and liens
- Cancel debt acceleration obligations for defaults
- Prevent debt collection activity
- Put an end to creditor harassment
- Avoid bank levies, foreclosures, repossessions, and lawsuits
Taking Advantage of SubChapter 5
If you are one of the many businesses that has been affected by the COVID-19 pandemic and resulting economic downturn, there's good news. The Small Business Reorganization ACT (SBRA) has made some provisions that make it easier for businesses to file for Chapter 11 bankruptcy. SubChapter 5 has been initiated to expedite small business bankruptcy proceedings and make the filing process more affordable.
Schedule Your Free Consultation Today
With the institution of SubChapter 5, there has never been a better time to file for Chapter 11 bankruptcy. If you are struggling to keep your business alive, please reach out to The Law Offices Of Mayer & Newton to discover if this form of bankruptcy is right for you. Our Knoxville Chapter 11 attorneys have your best interests in mind and are committed to helping you make an informed decision about your future.
Board Certified Bankruptcy Attorneys
Our attorneys are among the most knowledgeable in East Tennessee and are Board Certified Bankruptcy attorneys.
$0 Down for Chapter 13
We charge zero legal fees to start a Chapter 13 case.
$0 Down for Chapter 7
We charge zero legal fees to retain our firm to represent you in a Chapter 7.
Affordable & Flexible
We offer free consultations and take online payments for your convenience.
Over 50,000 Cases Filed
We have successfully filed over 50,000 cases in the Eastern District of Tennessee.
Caring & Effective
We have experienced attorneys and well-trained staff to ensure your case is handled effectively and with care.