Most business owners in Tennessee face financial challenges at one time or another. Sometimes, there is an easy fix — like spend less, save more — to get things back on track. Other problems are more complex and may require additional support, such as filing for Chapter 11 bankruptcy to alleviate debt and restore financial stability down the line.
It’s not uncommon for a homeowner or business owner who has overcome financial problems in the past to be hit with another financial crisis as time passes, especially if unforeseen circumstances arise, such as unexpected medical bills, car repairs, loss of income or other issues. In this case, a business owner might wonder if it is possible to file for Chapter 11 bankruptcy a second time.
Company files for Chapter 11 in US after filing in two other countries
One recent Chapter 11 proceeding involves a company that operates in at least 12 countries, including the United States. The company provides IT protection and recovery services and has filed for Chapter 11 in the past in both Canada and the United Kingdom. Due to another financial crisis, the company recently filed for bankruptcy under the Chapter 11 program in the United States.
While there is not typically a limit on how many times an individual or business may file for bankruptcy, there are usually restrictions regarding how much time must pass between filings. It is important to understand bankruptcy laws regarding Chapter 11, Chapter 7 or some other program before applying. There are many attorneys in. Tennessee who practice in this specific field of law; scheduling a meeting with an experienced bankruptcy law attorney before filing a petition is helpful, especially if the petitioner has questions about multiple bankruptcy filings.