Chapter 11 Bankruptcy | Kevin Ahrenholz Bankruptcy Lawyer Des Moines & Cedar Rapids

Iowa Chapter 11 Bankruptcy

Understanding Chapter 11 Bankruptcy

Chapter 11 allows reorganization of debt, and it is open to any corporation, sole proprietor, business owner or individual. However, most often it is used by larger businesses and corporations due to the expense involved.

In some instances, a corporation might be eligible to file a Chapter 7, but would lose everything through the liquidation process, and be forced to close its business. While this might be the desired outcome for someone who wants to shut the doors and walk away with a clean slate and clear conscience, others want the business to survive, and one day thrive.

With a Chapter 11 and the right Iowa Chapter 11 lawyer, that can happen, provided there is sufficient income or assets in the business. The business continues to operate with court oversight of the reorganization efforts. This usually means the debtor stays in control of the business, with the court granting complete or partial relief from debts.

Bankruptcy Relief is an Option

The Bankruptcy Code is a complex federal law, which is why you need effective legal representation to help you. Bankruptcy is on the rise, as it is not easy keeping up in today’s economy. There should be no stigma associated with it, as it is no different than any other federal body of law where people benefit from its application, such as claiming a deduction or tax credit on a tax return pursuant to federal tax law.

Both laws provide a financial benefit to the individual if they follow the law, but no one feels ashamed or embarrassed claiming a tax deduction to protect money from government reach. Similarly, no one should feel ashamed protecting their income and assets from the reach of creditors by utilizing federal bankruptcy law.

If you are eligible, the law is there to protect you, and it is there to help you and your family get a fresh start. Bankruptcy is designed to give an honest debtor a lease on life by relieving them of most debts and to pay creditors to the extent the debtor has assets or income.

Iowa Bankruptcy Lawyer and Chapter 11 Attorney

If you are thinking about filing bankruptcy, you are not alone.  An Iowa bankruptcy attorney is here to help individuals and businesses deal with debt through Chapter 7 debt relief, Chapter 11 debt reorganization, Chapter 12 debt reorganization for farmers, and Chapter 13 debt restructuring and management solutions.

We can stop creditor harassment, garnishments, foreclosures and repossessions much more efficiently and effectively than debt settlement companies and credit counseling agencies. We offer high quality legal representation, compassionate legal advice, and straightforward solutions to solve your financial problems.

Give us a call. We have very reasonable fees, flexible payment plans and offer free consultations and quotes.

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