Chapter 11: An Overview of How Utah Businesses Can Reorganize Their Debt

Posted almost 4 years ago. Applies to Utah, 1 helpful vote


With the slowing economy, many Utah businesses are getting weighed down by debt and some owners think their only option is shutting down. However, Utah businesses can use Chapter 11 bankruptcy business debt reorganization. In addition, individuals with higher incomes with debt limits exceeding Chapter 13 guidelines may also consider filing Chapter 11.

When a Utah business files Chapter 11 bankruptcy, it may continue operating but be freed from debt burden. Thus the business management may run the business while enabling the bankruptcy attorney and business owner to restructure business debt in a manner that frees the business of burdensome leases and contracts that no longer make economic sense.

Although there are not many Utah attorneys who file Chapter 11 bankruptcy, the lawyers at PEARSON, BUTLER, CARSON & COOK, PLLC enjoy the challenge of representing Utah businesses and individuals who need to reorganize debt to alleviate the financial hardship caused by business and personal debt.

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There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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