The Chapter 11 bankruptcy is many times referred to as Business Debt Reorganization. In a Chapter 11 bankruptcy, the debtor remains in possession of all assets and the ongoing business.

 A Chapter 11 bankruptcy will allow your business to recover from its previous poor business decisions. A Chapter 11 bankruptcy allows a business to continue to operate without the day to day burden of their pre-existing debt obligations. It gives the business an opportunity to develop a plan to restructure its debt and to relieve the business of leases and contracts that are economically unfeasible. In a typical Chapter 11 bankruptcy proceeding, management continues to run the day-to-day operation of the business. Many significant business decisions, however, may require court approval, such as liquidating the assets of the business.

It is important to remember when choosing a bankruptcy attorney, that not all attorneys have the requisite knowledge and experience in handling these cases. The Law Offices of Joseph M. Tosti has been committed to representing those consumers and businesses that have been suffering from severe financial hardship for over a quarter of a century.