Can I keep my business open during a Chapter 11 bankruptcy?

Yes, it is possible to keep your business open during a Chapter 11 bankruptcy in North Carolina. Chapter 11 bankruptcy is a form of corporate bankruptcy that allows businesses to reorganize their financial affairs and continue operating, while the bankruptcy process is ongoing. During a Chapter 11 bankruptcy, businesses must disclose all their assets and liabilities, as well as provide a plan for reorganizing their debts. The bankruptcy court will review and approve the plan, and any creditors who oppose the plan have an opportunity to voice their objections. Whether or not your business can remain open during the bankruptcy process depends on the nature of your business and the specifics of your case. For small businesses, the court may allow them to continue operations, provided they are able to pay all of their ongoing expenses and provide adequate protection for their creditors. If the court finds that the business is able to maintain its operations and reorganize its debt, the court may approve the plan. In some cases, you may also be able to keep your business open while negotiating with creditors in an attempt to reduce the amount of debt you owe them. This process, known as a “pre-packaged bankruptcy”, requires the creditor to agree to a plan that reduces debt and allows the business to remain operational. In any case, you may wish to speak with a bankruptcy attorney or financial expert to determine the best path forward for your business during the Chapter 11 bankruptcy process.

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Can I keep my business open during a Chapter 11 bankruptcy?

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