Legal Question in Bankruptcy in Virginia

Re: Chapter 11

Chapter 11 is a bankruptcy reorganization. It allows a debtor (individual or corporate) to propose a plan of reorganization that repays creditors in a controlled manner, and in many cases less than 100%. It also buys the debtor time to reorganize without intense creditor pressure (lawsuits, foreclosures, etc.). Without knowing the specific facts of your case, it is not possible to say whether Chap. 11 could be of benefit to you. If you are or have a small (or large) business in financial trouble, you should consult with an experienced Chap. 11 bankruptcy lawyer. Feel free to call or e-mail me if you have further questions.