Chapter 11 Bankruptcy for Businesses
Houston Chapter 11 Bankruptcy Attorney
Many businesses with serious debt problems are so harassed by creditors, they don’t have the time or peace of mind to fix their financial problems. If your business has problems with creditors, filing Chapter 11 bankruptcy can give you the breathing room you need to help your business succeed.
I’m Margaret McClure, a lawyer who provides affordable Chapter 11 bankruptcy services to small businesses in the Houston area. I offer the same level of service as larger bankruptcy law firms, but with the scale and price that small businesses need.
Businesses file Chapter 11 bankruptcy for a variety of reasons, such as:
- To put a stop to foreclosures, repossessions and other actions that threaten the business
- To renegotiate debts with creditors
To get out of leases and contracts that have become burdens
Chapter 11 bankruptcy is known as reorganization bankruptcy. Businesses that file Chapter 11 bankruptcy are typically allowed to operate under the supervision of the bankruptcy court. At the end of the reorganization process, the court can grant full or partial relief from debts, leases and contracts so the business can make a fresh financial start. Most of my business clients emerge from Chapter 11 bankruptcy in about a year.
Chapter 11 bankruptcy should always be a last resort. However, for small businesses that have value as on ongoing concern, it is the best way to resolve debt problems. It gives you approximately one year in which you will be free of creditor harassment, so you can sit back and do the planning that is needed to put your business on the right track.
I offer a free initial consultation to assess your business’s financial situation and your options.