Angleton Chapter 11 Bankruptcy Lawyer
Filing for bankruptcy is not always seen in a positive light. But for a business that is struggling to keep up with its financial obligations in the face of difficult conditions, Chapter 11 bankruptcy may be the best way to navigate through the predicament. The goal of Chapter 11 bankruptcy protection is to enable an individual or business to reorganize the debts that threaten their financial viability, rather than forcing them to close down and liquidate their assets.
Choosing the best way forward can be a challenge if you do not have a full understanding of your legal options. Contact the Angleton Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898 and let us help you work through this difficult period.
How it Works
Chapter 7 is straightforward, calling for the outright liquidation of assets and closure of a business operation. Chapter 11 is a little less cut and dried. The most notable elements of Chapter 11 are the effort to renegotiate the financing of debts, and the oversight of assets conducted by the Bankruptcy Court-appointed Trustee. It can take months or years to evaluate whether the modifications have been sufficient to allow for the company to stay in business. There are the two possible determinations that the Bankruptcy Court may issue:
- If deemed successful – a business emerges from bankruptcy and requires no further oversight.
- If deemed unsuccessful – a business is ordered to file for Chapter 7 and forced to liquidate.
Contact Us
Since 1985, our practice has been dedicated to helping businesses confront difficult financial challenges. Contact the Angleton Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898 for a free initial consultation.
