Where numerous creditors are involved and there are daunting commitments barring the roadway to profitability, Chapter 11 is commonly required.
Under Chapter 11, you continue to run your company under the supervision of the court. You maintain all your assets and also obtain protection against creditors too. Your obligation is to suggest a plan for reorganizing your financial situation as well as covering your financial obligations.
You suggest the strategy to a committee of creditors for their authorization. Even if a bulk of creditors choose not to accept the plan, you could override their objections by sending it to the court for authorization anyhow. As soon as your business is back on track, you could request to close the Chapter 11 as well as go back to unfettered control of your company.
Get in touch with a Chapter 11 Bankruptcy Attorney at the company to review the requirements of your business for bankruptcy protection.