Dealing with Overwhelming Business Debts

If you are a small business owner and falling further and further behind on credit card payments, loans and other expenses associated with running that business then it may be time to consider filing for bankruptcy protection. There are several options available depending on what type of business filing you have as well as additional details. If your business is not a corporation or an LLC (limited liability company) then you may be able to file for Chapter 7 or Chapter 13 bankruptcy protection in a similar manner to private individuals or families who are overwhelmed by debt. If you do not qualify for either of these bankruptcy Chapters then there is still Chapter 11 bankruptcy. It is crucial that you begin working with a bankruptcy lawyer as soon as possible.

Chapter 11 bankruptcy is analogous to Chapter 13 in that it allows the business to continue while debts are reorganized. Instead of having to call it quits and liquidate all assets in order to pay off creditors, the process involves negotiations with creditors and loan holders to restructure secured debt payments and reduce unsecured debts. One of the goals of this type of bankruptcy filing is to allow a business to get back on top of payments by making them more manageable while the business continues being able to produce income. Filing for Chapter 11 bankruptcy can be a complicated process and your chances for being granted this form of protection can be greatly improved by having a legal professional on your side who has a thorough grasp of all aspects of this area of bankruptcy law. Presenting the courts with a clear, complete and accurate statement of your businesses situation is crucial to getting approved for protection and achieving your financial goals.

Get your Chapter 11 bankruptcy questions answered today!

A dedicated, highly competent bankruptcy attorney on our team at the Maida Law Firm, P.C. has helped small business owners in the Houston area get their company back on firm financial ground through Chapter 11 bankruptcy protection. The bankruptcy process is not one that should be entered into lightly so we ensure that our client understands what bankruptcy can and can't do for them, which course of action is best for their situation and then every step of that route once it is being pursued. Don't hesitate to contact a lawyer with us today. We offer a free case evaluation—a brighter financial future for your business may be on the horizon!