In light of some recent data compiled by researchers from the American Bankruptcy Institute, we now know that corporate bankruptcies are becoming increasingly common and that they are actually at their highest levels in almost a decade.
As a matter of fact, we’ve seen a 63% year-over-year upturn in the total sum of chapter 11 bankruptcies and this fervent development is only continuing to gain steam, which accentuates the vital role of your local chapter 11 bankruptcy lawyer in Albany, OR.
Why Do Companies File for Chapter 11?
This specific type of bankruptcy filing provides immediate protection from your creditors and it affords you ample time to restructure your arrears and rectify any outstanding liability issues in a practical, methodical fashion. The ultimate goal is for you to emerge at the end of the process with a healthy bottom line, reduced debts and the ability to continue standard operations.
So, if your company happens to be inundated with declining revenues or overwhelming debts, and you find yourself at the tail end of financial solubility, you have to act swiftly and contact a seasoned chapter 11 bankruptcy lawyer as soon as possible.
What Are the Odds of Success with Chapter 11?
As any renowned chapter 11 bankruptcy lawyer will tell you, the chances of regaining solvency and maintaining control over your financial future will increase depending on how quickly you begin the process.
For every firm that has gone under during chapter 11 filings, such as Enron or Worldcom, for instance, there are dozens of triumphant stories to match, ranging from Apple and General Motors to Chrysler, Marvel Entertainment, Six Flags, Sbarro, and a seemingly infinite number of small brick and mortar establishments.
If you’re ready to assume control over your company’s prospects and ensure long-term viability, feel free to click here to connect with an esteemed bankruptcy specialist in your vicinity.