If you are one of the thousands of people looking every day to file Bankruptcy, then you certainly understand how confusing the jargon can be. There are so many types of Bankruptcy to choose from, as well as many different exemptions, requirements, and laws. If the concept of Bankruptcy has you overwhelmed and you are in need of help, a qualified attorney is certainly your best bet.
If you are an Ohio entrepreneur who took a chance on the American Dream, but are now trying to keep your business afloat despite a sea of mounting debt, Ohio Chapter 11 may be what it takes to keep you going. Ohio Rev. Code sec. 1302.76 gives creditors certain rights upon learning of a business' "insolvency," including the ability to refuse delivery of ordered goods; if your business depends on maintaining certain inventory levels, Chapter 11 may be the only way to keep yourself going!
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Ohio Chapter 11 Bankruptcy is the business equivalent to Chapter 13 Bankruptcy for individuals. What this means is that you will be able to discharge some debts and refinance others. You will also receive an automatic stay to protect your business from existing debts so that it may continue to operate. If you file for Chapter 11 with your business, you will still have to pay certain debts, but they will no longer endanger your ability to do business. You will be able to propose your own repayment plan for creditors to accept.
In Ohio when you file Chapter 11, your creditors will vote on any plan you propose. Once your creditors agree on the plan, it will become legally binding. This is your opportunity to create a plan that you can afford to repay and that will satisfy your creditors. The goal is to create a plan that is more appealing to creditors than collecting and liquidating your assets. Your creditors will also have to understand that refusal to accept could result in a debt being discharged. The line is a very fine one, and both parties have much to gain by reaching an agreement.
If you are considering filing for Ohio Chapter 11, it is very important to consider hiring a Bankruptcy practitioner. Chapter 11 is by far the hardest type of Bankruptcy case to file and negotiate, and it is important to have someone on your side who understands every aspect of how the process works. If you are unable to come to an agreement, your case can be dismissed and collections activities can resume. You also run the risk of having your assets liquidated. At the same time, however, failing to file when you need it can cause you to lose your business altogether.
Ohio Chapter 11 is certainly tricky, but it can be a necessity. If you are seeking to protect your business and your assets from creditors until you can get back on track, you are certainly advised to contact an attorney. You can protect your property, but you will need qualified legal help to get you through the red tape and into good negotiations with your creditors.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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