Houston Attorney Helps Businesses Avoid Foreclosure
If you are receiving warning letters of foreclosure on your business — or if you have received actual notice that a lender has initiated foreclosure proceedings against your business property or other business assets — it is not too late to seek legal help and make a serious attempt to stop the foreclosure on your business.
I am Houston bankruptcy lawyer Margaret McClure. Business owners come to my Houston law office in search of a calm atmosphere in which they can discuss the reality of their financial situations with a practical and strategic legal adviser. I never encourage anyone to file bankruptcy if I do not believe it is truly the best option. As a business bankruptcy lawyer, I have detailed understanding of bankruptcy and bankruptcy alternatives. Business foreclosure proceedings against you are a sure sign you should at least consider the pros and cons of a business bankruptcy.
Immediate legal help to stay a business foreclosure
If you are facing a forced sale or seizure in the immediate future, I may be able to obtain a temporary restraining order to stop the sale or seizure. The temporary restraining order is not a permanent solution to business foreclosure proceedings — as is evident by the word “temporary.” For some business owners, the temporary stay provides the breathing room they need to calmly consider other options to stop foreclosure on their businesses and avoid business dissolution.
These alternatives may include guaranteeing business debts with personal assets or resolving debt disputes by negotiating a refinance with your lender or with another lender. I discuss these and other options with my business clients, and I also urge them to seek independent financial advice.
A Chapter 11 bankruptcy petition as a method of forestalling business foreclosure
As with personal bankruptcy petitions, filing a Chapter 11 business reorganization bankruptcy petition provides for an automatic stay — suspending all active collections attempts including business foreclosure proceedings.
After the petition is filed, the business has at least four months, in most cases, to develop a business reorganization plan that will be acceptable to creditors. This time period provides many business owners with the breathing room they need to make calm, well-reasoned decisions about how best to overcome their financial crises.
Complimentary attorney consultation
If you are a business owner in severe financial difficulty, you are not alone. The troubled U.S. economy has pushed countless businesses over the brink and into financial ruin. Foreclosure proceedings against your business are one of the largest signs that you should take action as soon as possible.