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Webster Texas Bankruptcy Blog

Chapter 11 bankruptcy could be right for your business

Your business took time and hard work to build, and the thought of having to shut it down due to poor financial planning is frustrating, to say the least. The good news for you is that bankruptcy doesn't always require you to shut your business down. Certain kinds of bankruptcy allow you to remain open while you restructure the business so that you can bring in a profit.

Business reorganization can occur with a Chapter 11 bankruptcy. This form of bankruptcy allows you to reorganize while you continue running your business. This is best for companies that bring in profits and who have employees since they can continue to pay certain debts and expenses as they work through the factors that are straining the business.

These options could help you avoid foreclosure

If there is the threat that your home could go into foreclosure, you'll likely be filled with emotions. You could be frustrated, angry or fearful of what the future has to hold.

You don't deserve to go through this challenge alone. With the right help, it's possible to fight against foreclosure and defend your right to remain in your home. Simple acts, like negotiating with your mortgage lender or entering into bankruptcy, could help you stay in your home.

You may be able to stop wage garnishment

If you have not paid back taxes that you owe or have failed to satisfy a federal debt, the Internal Revenue Service has the ability to garnish your wages. IRS wage garnishment is binding, and your employer must comply.

If you already know that you owe the IRS back taxes, then you know you need to act quickly to avoid garnishment. The IRS has the potential to garnish your wages, levy or seize your property to get what it is owed. The most common levy is to garnish your wages each week, but you'll be informed before this occurs.

Bankruptcy could be a solution to overwhelming debt

If you are deep in debt, you may think that your only option is to enter into bankruptcy. While this is certainly a possible solution to your debt, it's important to know how it could affect you and how it will change your future.

To start with, understand that there are different types of personal bankruptcies. You may opt for a Chapter 13 or Chapter 7 bankruptcy, depending on your situation. With Chapter 7, you will lose some of your assets to liquidation. With Chapter 13, you'll pay a monthly fee to the bankruptcy trustee for three to five years, and then any remaining debts included in the bankruptcy will be dismissed.

Gymboree to close 800 stores in Chapter 11 bankruptcy

Bankruptcy is something that can help almost anyone get out of debt. Whether you run a small business that isn't making enough money or want to get out of personal debt, there are bankruptcy options that can help.

Take, for example, this news report about Gymboree. The Gymboree group officially filed for bankruptcy, and that puts Janie and Jack stores in jeopardy as well. These popular stores for children's clothing are struggling to keep up with their expenses, so the goal is to enter into Chapter 11 bankruptcy for restructuring.

What does reorganizing your company's debts entail?

If you own a company that is struggling to stay afloat financially then you may have looked into a variety of debt relief options as a way to stop creditor calls. You may have come across Chapter 11 Business Bankruptcy as an option. It may have appealed to you because it affords you an ability to restructure or reorganize your debts. You may wonder what this involves.

During the reorganization process, you'll be appointed your own company's Chapter 11 bankruptcy trustee. You'll be entrusted to come up with a plan for restructuring your company so that it runs more efficiently.

Wells Fargo in deep trouble for computer glitch claim

An interesting story about the banking company Wells Fargo has emerged. It seems that the company is now facing class-action lawsuits from people who allege that the bank improperly denied loan modifications to people who were trying to save their homes from foreclosure. These individuals all eventually lost their homes to foreclosure, leaving their families with no other option but to move out and move on.

According to the Dec. 22 report, the company is now blaming its mistakes on nothing more than computer problems. Others, however, point to facts which could prove that the company had malicious intentions.

Medical debt doesn't have to result in bankruptcy

Medical debt is something that many people in America deal with. It has gotten worse as time has gone on, since insurance benefits are always changing, and people may not fully understand what is or is not covered. If you get hurt when you're out of network, this can also lead to massive bills that are difficult to even imagine paying back.

The good thing to remember is that there are ways to manage medical debt, and not all of them have to be through bankruptcy. These options, like negotiating rates and having a payment plan, can help you manage the debt more effectively without having to worry about your financial health.

Think about these 3 topics before choosing bankruptcy

The goal, as someone running a business, is to bring in an income. You want your business to succeed and to continue on to grow into a successful, potentially franchised, opportunity. If things don't go as you plan, though, you could find yourself on the verge of bankruptcy.

If that sounds like your situation, you should be sure before you choose bankruptcy. While some forms of bankruptcy keep your business open, others shut you down permanently. Here are three things to consider before you opt for bankruptcy.

Myths about bankruptcy shouldn't hold you back

A personal bankruptcy can be difficult, but you don't have to feel like you're alone. Many people go through bankruptcies each year.

Myths surrounding bankruptcy make some people feel as if they're failures for struggling with debt. That couldn't be further from the truth. Individuals who struggle with debt might have had medical emergencies, high student loans, the loss of a job or other factors play a role in overwhelming debt.

Contact an Experienced Attorney Today

Call our office at 281-823-7016 or 888-512-6044 to schedule a free 30-minute consultation with our experienced lawyer. Our office is conveniently located just two blocks east of Interstate 45.

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