Lake Jackson Chapter 11 Bankruptcy Lawyers

When your small business is faced with soaring debt and payments that you are unable to make, the situation can be tremendously stressful. What had once brought you joy and the promise of great financial rewards becomes a burden that places a substantial emotional, financial, and physical toll on you, your family, and your employees. In a situation that may seem hopeless, however, take heart. Chapter 11 of the United States Bankruptcy Code offers protection to business owners (and private individuals) caught up in this nightmare scenario.

To determine whether filing for Chapter 11 bankruptcy might be the right option for your company, contact the experienced Lake Jackson Chapter 11 bankruptcy lawyers of Gipson & Norman at 800-291-0898. During your free initial consultation, we can help you chart your path to a more secure financial future.

How Chapter 11 Works

The primary means by which a Chapter 11 bankruptcy helps a struggling business is the enabling of a renegotiation of the repayment terms of its financial obligations to creditors. Special interest rates and other modifications to existing agreements can allow a business to lower its payments while continuing to operate and produce revenue. Upon review of the case, a Bankruptcy Judge will order one of the following:

• Emergence from bankruptcy – If the restructuring of debts has restored your company’s viability, then it will be authorized to emerge from bankruptcy and resume unfettered by restrictions
• Chapter 7 filing – If your business shows no signs of improvement, despite the new repayment agreements, then you may be ordered to file for Chapter 7 bankruptcy, liquidating the company’s assets and permanently closing
• Ongoing consideration – Depending upon the nature of your case, it may not fall definitively either way upon first review, so the bankruptcy will continue until further evaluation can be made

Contact Us

Debts do not have to conquer the entrepreneurial spirit that got you into business for yourself in the first place. Contact the Lake Jackson Chapter 11 bankruptcy lawyers of Gipson & Norman at 800-291-0898 to learn more about how we can help you.