A Chapter 11 Bankruptcy May Save Your NY Business: New York Bankruptcy Law

With news that Gawker is filing for Chapter 11 bankruptcy protection after losing a $140 million dollar judgment to Hulk Hogan for defamation, now is a good time to introduce New York businesses to what a Chapter 11 bankruptcy is, and how it may save your NY business. Chapter 11 of the U.S. Bankruptcy Code is titled “Reorganization,” because it created legal tools for businesses to remain in possession of their assets and restructure so it may continue operating.  This is available for all sizes of businesses. The goal is to obtain permission to reorganize your business based upon a court-approved plan that sets out the terms and duration for debt to be repaid. Plans can include discounted payment amounts, modification of debt, reductions in principal or interest. Filing a Chapter 11 Petition in U.S. Bankruptcy Court is not a simple matter. Your business shall need an NY Bankruptcy attorney

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