Business & Farm Bankruptcy
As a corporation filing a bankruptcy is always your last resort. Maybe you’ve tried downsizing staff, eliminating waste, reducing expenses and overhead costs and still your debt has piled up. If you business has reached the point where you are unable to service your debts or pay your creditors Chapter 11 may be an option. Once filed you have the ability to propose a plan for reorganization. This type of bankruptcy does not require you to liquidate all assets but rather gives you time to create a plan that works for your business and your creditors so you can restart your business.
Chapter 12 is similar to a Chapter 13 personal bankruptcy however it protects family farmers and fishermen.