Michigan Business Bankruptcy
Chapter 11 – Reorganization
Today’s business climate is both competitive and experiencing the consequence of large-scale consumer inactivity. Businesses are facing complicated times of an economic lull—operations costs continue to rise while sales margins plateau or drop.
It is times like these when businesses can turn to the law to find a solution to their financial woes. Michigan bankruptcy laws provide a feasible solution to help businesses control their debt and improve their financial situation.
Chapter 11 bankruptcy in Michigan gives businesses the opportunity to reorganize their debt and take the steps to return to a profit-yielding establishment.
Staying in control of your business
The most unique feature of chapter 11 in Michigan is that it allows for the trustee to manage the debtor’s assets during the bankruptcy process. The majority of the time in Chapter 11 cases the court-appointed trustee is the debtor.
This means that you get to take and keep control of all of your assets during your business bankruptcy. This situation yields several benefits for businesses of all sizes:
- Keeping your business running
- Making important decisions to sell or keep your assets
- Negotiating directly with creditors
- Maintaining your reputation in the business community
There is no better person available to manage your business debt than you. Filing chapter 11 will empower you with the legal resilience to control your debt and return to a solid financial standing.
The Mengesha Firm, P.C. will partner with you in this endeavor to confront and rise above the challenge of debt-management in a tough economic climate. Retain a Michigan bankruptcy attorney for help with chapter 11, and together we can help you rebuild and re-grow.
Contact us at (248) 421-7852, or toll free at (866) 941-0747, or email us for Michigan chapter 11 bankruptcy advice.