Is your business suffering from the burden of past business decisions?
Do you believe that your business can operate profitably if you had some temporary relief from your pre-existing debt service?
Richard S. Feinsilver has helped many financially struggling businesses in Long Island recover from the crippling burden of overextended debt. Based on Long Island, we are well versed in Chapter 11 bankruptcy law, we have assisted numerous clients in Chapter 11 reorganization proceedings.
Chapter 11 of the U.S. Bankruptcy Code is primarily designed to assist businesses recovering from debilitating business decisions of the past. Chapter 11 allows businesses to continue to operate without the day to day burden of their pre-existing debt obligations, giving them the opportunity to develop a plan to restructure their debt as well as to possibly relieve them of certain burdensome leases and contracts.
In a typical Chapter 11 bankruptcy proceeding, management continues to run the day-to-day operation of the business. Certain significant business decisions, though, may require Court approval, such as the termination of certain agreements, or the sale of assets outside of the regular course of business.
Each Chapter 11 bankruptcy case is unique as each business has different dynamics. It is important to retain a bankruptcy attorney who is well versed in both practical business matters as well as the law. I have that experience as a former banking officer for a major lending institution.