Chapter 11 Bankruptcy

When debts start to pile up, it can be hard to see a way out. Unfortunately, many people create more debt trying to solve their problems, only making the problems worse and harder to solve.

At Scarborough & Fulton in Chattanooga, Tennessee, we help struggling businesses and high net worth individuals get a lifeline through the Chapter 11 bankruptcy process. Other bankruptcy firms frequently refer clients to us because they know that attorney David J. Fulton has the experience and track record of results to help them find a solution.

Minimize Your Stress And Regain Control Of Your Business Now

A few times a year, we all hear in the news about a major corporation – an airline, a car manufacturer or a retail giant – filing for Chapter 11 bankruptcy. Because of this, many small business owners think Chapter 11 isn’t an option for them. It is, and you should take advantage of it.

An example of how a Chapter 11 filing works:

Your company was worth $15 million. Suddenly, you lose a major customer and the economy heads south. Now your business is worth $6 million, but you still have debt that you can’t afford to pay. A Chapter 11 filing can write down your debt to the current value of your business, making it much more manageable.

While writing down your debt, your Chapter 11 filing can also:

• Stop trade creditors and your bank from trying to close your business or repossess assets;
• Give you time to devise a repayment plan for paying your creditors;
• Give you time to pay back taxes to the IRS and stop tax liens;
• Renew your loan with your bank and give you time to find a new bank to do business with.

The smaller you are, the smaller the problem has to be before it spirals out of control. It is essential that you contact an attorney as soon as you realize that you are losing control of your debts.

We will prepare all of your filings, represent you in court and negotiate with creditors on your behalf. We will also help you devise a new business plan that will allow you to emerge from bankruptcy protection as a more efficient company that is able to meet its obligations and remain profitable.

Get Help Today

We know that the government is no help, and it’s likely that your bank isn’t helping either. Don’t turn over assets to the bank. Let us provide the guidance you need. We invite you to schedule a consultation with lawyer David J. Fulton today. Contact us online or call our office in Chattanooga at 423-648-1880.