Houston Small-Business Bankruptcy Lawyer
According to the Small Business Administration (SBA), more than 50 percent of small businesses fail in the first five years. If your business is experiencing serious debt problems, filing for bankruptcy may give you the time you need to save it.
Bankruptcy courts and trustees know that small businesses are important to our society and need protection. Filing for bankruptcy offers that protection by giving business owners a safe haven from creditors and allowing them to renegotiate or discharge their debts. Sometimes the threat of filing bankruptcy gives business owners the clout they need to negotiate with creditors.
I’m Margaret McClure, a business bankruptcy attorney in Houston, Texas. I help all types of businesses ranging from convenience stores and construction companies to private schools and small airlines.
Businesses have two bankruptcy options:
- Chapter 7 bankruptcy, which is an orderly wind-down for businesses that will not continue.
- Chapter 11 bankruptcy, which is a reorganization and debt repayment plan for businesses that have value as an ongoing concern.
Business owners can also file Chapter 13 or Chapter 11 bankruptcy to protect personal assets, such as an office building that is titled in the owner’s name.
If your business is facing serious debt problems, don’t put off talking to a bankruptcy attorney. I offer a free initial consultation to assess your financial situation and your options.