Chapter 11 Bankruptcy
When you open a business, the last thing you want to deal with is the prospect of bankruptcy. During these troubled economic times however, it can be difficult to avoid becoming overwhelmed by debt. In some instances, a business may be compelled to file for Chapter 7 bankruptcy and shut down their company. Fortunately though, another option exists for businesses that are heavily struggling but have a chance to turn things around. For them, Chapter 11 bankruptcy provides a way to reorganize their business and begin the process of resolving debts.
If you are thinking about filing for Chapter 11 bankruptcy, the Houston Chapter 11 bankruptcy lawyers at Russell Van Beustring P.C., can help you to more fully appreciate your rights and responsibilities, in addition to the possible benefits of a bankruptcy filing. Contact us today at 713-973-6650 for more information.
Filing for Chapter 11 Bankruptcy
When a business enters Chapter 11 bankruptcy, it is restructured rather than closed. Restructuring the business may require the sale of some assets, the dismissal of some staff, or other significant changes to the way a company conducts its operations. Debtors filing for Chapter 11 bankruptcy protection must typically provide the following information:
- A listing of all liabilities and assets
- A record of all income and expenses
- A list of leases and contracts
- A basic overview of the business’s financial situation
This information will help a company and their creditors have an idea of how the business can be reorganized in order to become profitable over time.
When filing for bankruptcy, the help of a knowledgeable attorney can be invaluable. A Houston bankruptcy attorney at Russell Van Beustring P.C., is committed to helping to protect the rights of their clients and to enable them to make informed decisions regarding bankruptcy. To speak with an attorney about your case, contact us by calling 713-973-6650.