Alvin Chapter 11 Bankruptcy Lawyer
Starting a small business or taking over a family business is a huge undertaking. On your first day, you may have been terribly anxious, excited, and undoubtedly more than a little optimistic. After all, it would be foolish to take on the risk and expense of being a business owner if you didn’t think it was worthwhile. But whatever the reason – whether a slowing economy, staffing turmoil, or other unforeseen issues – your enterprise has hit a rough patch and the company’s debts are threatening its viability. That does not mean that you have to give up on your dream, however. The protections offered by a successful Chapter 11 bankruptcy filing can allow you to restructure those debts and keep your doors open.
To learn more about how a Chapter 11 bankruptcy may benefit your company or personal situation, contact the Alvin Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898. We are pleased to offer all of our clients a free initial consultation.
How it Works
Unlike Chapter 7 bankruptcy, Chapter 11 does not require the liquidation of your business’s assets. Instead, you and your bankruptcy attorney will work with a Bankruptcy Judge to establish a plan for repayment that will satisfy your creditors and enable your business to continue with new terms on its financial obligations. This may involve lowering interest rates or making other modifications to existing agreements. There are two possible paths from the approval of your Chapter 11 repayment plan:
- Successful repayment allows you to “emerge” from bankruptcy and resume normal operations.
- If the restructuring does not improve your situation, you may then need to file for Chapter 7.
Contact Us
Our business is keeping you in business. Contact the Alvin Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898 to learn why Southeastern Texas has relied on us for more than 20 years.
