Washington business and real estate lawyer Jeff Helsdon explains that there is a time when you will no longer be able to file for a Chapter 11 bankruptcy. You are given a limited amount of time to file.
You may be filing a Chapter 11 bankruptcy for a myriad of reasons. But the most important reason should be to take advantage of the ability to restructure your debt, while still remaining in business. However, you may come across a time that it is too late to file for the bankruptcy plan. You will not be able to file if you are already facing foreclosure on a home, building, or any other type of property.
You also want to be aware that you can no longer file if the bank places a designated person, called a receiver, in charge of the property. Speak to a lawyer at anytime to discuss not only which bankruptcy plan is right for you or your business, but also when the right time is to file for bankruptcy. Watch the video now to learn more.