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How Can Chapter 11 Bankruptcy Save My Business?

Difficult financial times and other unforeseen circumstances can sometimes exhaust the resources of businesses. For business owners who are looking to maintain control of their companies, protect the jobs or workers and stop collection activities, Chapter 11 bankruptcy is the best way to move forward. Many major corporations and small businesses have filed for Chapter 11 bankruptcy and survived to start anew. Here are four ways Chapter 11 bankruptcy can protect businesses in financial trouble. One of the most important mechanisms of Chapter 11 bankruptcy is that business owners can retain control of their companies. By maintaining control, businesses can reorganize and find new ways to become profitable again. However, in Chapter 11, the bankruptcy court maintains supervision and has control over some decisions, such as sales of assets or expanding operations. By filing for Chapter 11 bankruptcy, collection actions and lawsuits come to a halt. This can buy businesses…
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