Business Bankruptcy

Bankruptcy For Businesses

Bankruptcy attorneys with Gatton & Associates, P.C., can assist clients with both Chapter 11 and Chapter 12 bankruptcy.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is known as a “reorganization” bankruptcy. It is used by corporations and partnerships, and a few individuals whose debts are very large. It is a form of debt relief that allows businesses to reorganize their debt in a more manageable payment plan. Debtors are required to file various documents pertaining to their income, assets, liabilities and a debtor’s plan or intention to file such a plan. Upon filing a petition for relief under Chapter 11, the debtor automatically assumes an identity as the “debtor in possession” and is able to keep possession and control of its assets.

Chapter 12 Bankruptcy

Chapter 12 bankruptcy is similar to Chapter 13 bankruptcy used by individual consumers, except that it is for family farmers and fisherman with a regular annual income.

Schedule a Free Consultation Today

To learn your options and which chapter of bankruptcy might be right for your situation, schedule a free, one-hour consultation by calling 505.271.1053. Or click here to give us some information about your situation.

Gatton & Associates, P.C., is located in Albuquerque, New Mexico, but we represent debtors and creditors throughout the state of New Mexico. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.