You have experienced financial difficulties for several months, but you tried unsuccessfully to get your head above water and conquer your insurmountable debt. You realize that the time has come to consider filing for bankruptcy. A bankruptcy discharge could solve many of your problems, you realize, but you also worry that you might not qualify for Chapter 7 because you have a steady income and may not pass the means test. You and other Connecticut residents may benefit by learning how a Chapter 11 bankruptcy could be the better option.
Understanding Chapter 11 bankruptcy
At the Law Offices of Charles A. Maglieri in Connecticut, we know that creating and running your own business is your “American Dream.” Sadly, however, statistics show that most business start-ups fail. If yours faces overwhelming debt, you undoubtedly have numerous questions about what a small business Chapter 11 bankruptcy entails and what happens to the debts your business accumulated. Are you held liable for them?
