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

Yes, you can keep your business open while filing for Chapter 11 bankruptcy in West Virginia. This form of bankruptcy is often used by businesses who need to reorganize their finances in order to stay afloat. It provides protection from creditors and allows you to continue operating while you come up with a plan to reorganize your debts. You must create a reorganization plan that details how much you can pay each creditor. This plan must be approved by your creditors and the court before it is finalized. Once approved, it must be followed. During a Chapter 11 bankruptcy, you are still responsible for running your business. You may be able to negotiate the terms of certain secured debts and contracts. You must be prepared to make tough decisions, such as reducing staff and inventory in order to remain financially viable. Your bankruptcy attorney can provide guidance throughout this process. They will help you understand the applicable laws, as well as the potential impact of your decisions. Make sure to take advantage of any resources your attorney provides. By understanding and following Chapter 11 bankruptcy laws, you can keep your business open and continue operations while reorganizing your debts.

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