Galveston County Chapter 11 Bankruptcy Lawyers
In actuality, the American Dream is much more complicated than the image of home ownership, a nuclear family, and a steady job. Many people share the common hope that they will one day be their own boss, accountable only to themselves for their failures and reaping the entire harvest of their successes. Starting or running a small business is a grueling affair, physically, emotionally, and financially. When debts cloud your ability to see a way forward for your company, it may be time to consider filing for Chapter 11 bankruptcy.
The protections afforded by Chapter 11 give you the ability to renegotiate your repayment agreements with your creditors without forcing you to refrain from carrying out your normal business. This jump-start can sometimes mean the difference between a broken dream and a bright future. Contact the Galveston County Chapter 11 bankruptcy lawyers of Gipson & Norman at 800-291-0898 to learn how it may help you.
Forget Plan B
After a new repayment plan has been established and approved by the Bankruptcy Judge overseeing your case, it is up to you to fulfill your newly arranged commitments. Your case will be reviewed, and eventually the judge will issue one of two decisions to mark the end of your Chapter 11 bankruptcy. The possible outcomes are:
- Emergence from Chapter 11 – if the judge is satisfied that you are upholding your obligations and that the restructuring of your debts has restored your business to viability, you will be permitted to resume normal business operations without hindrance
- Chapter 7 filing – if it is determined that you have been negligent or that your company has not been sufficiently boosted by the Chapter 11 bankruptcy to make it viable, then you will be ordered to close the business and liquidate its assets
Contact Us
If you feel like time is running out for your small business, contact the Galveston County Chapter 11 bankruptcy lawyers of Gipson & Norman at 800-291-0898. We can help you to navigate these disheartening waters.
