Chapter 11 Bankruptcy is a complicated proceeding generally used by  businesses or debtors with substantial assets. In a Chapter 11  bankruptcy, creditors are temporarily halted from taking any action  against the debtor while the debtor proposes a method of paying or  settling the debts. The creditors vote on the plan and it must be  approved by a certain amount of the creditors. Chapter 11 bankruptcy is  designed to preserve a business which would otherwise be lost in  liquidation.

After filing for Chapter 11 bankruptcy, a business can hold collection  actions and levies at bay while developing a plan of reorganization.  This gives the business time to get caught up on bills and time to  negotiate with creditors. Chapter 11 bankruptcy can also be used to  liquidate a small business in a timely manner.

Located in central Tampa, the bankruptcy lawyers at Attorneys and Debt  Counselors will be glad to meet with you about whether bankruptcy would  be advantageous for you, and which chapter of bankruptcy would meet your  situation.

Please call (813) 876-3328 to schedule a free consultation  with a Tampa bankruptcy attorney from Attorneys and Debt Counselors.