For a company that is struggling with debt, bankruptcy may be a viable option in helping it get past such challenges and re-establishing itself in Hackettstown. Yet the fact that some companies are able to file bankruptcy and still remain in operation may cause some to wonder whether said businesses are simply taking advantage of bankruptcy laws to get out from under their debts. What those who think this may not know is that the rules governing a Chapter 11 (which allows businesses to reorganize themselves at the approval of their creditors) are very strict in how a business' debts are discharged, even going so far as to mandate many still be paid.
If you’re a small business owner in New Jersey, filing for Chapter 11 bankruptcy is a daunting prospect. Because Chapter 11 allows for a reorganization of debt it doesn’t necessarily mean that your business is lost forever. The Balance offers the following explanation so you can understand your options when it comes to getting your business finances in order.