Houston Benefits of Chapter 11 Bankruptcy Lawyers
In a Chapter 11 bankruptcy filing, businesses are able to relieve financial distress by using the company itself as collateral, while restructuring the business in order to make profit viable again. This process is almost always preferable to ending a business or liquidating it through Chapter 7 bankruptcy, but requires that the business actually be able to pay off the debts it owes once it has achieved the restructuring it proposes.
If your business is in dire financial straits and in need of restructuring in order to pay its debts, you may be able to take advantage of Chapter 11 bankruptcy in order to regain firmer financial footing. Contact the experienced Houston Chapter 11 bankruptcy attorneys at the Law Offices of Russell Van Beustring, P.C., at 713-973-6650 today to learn more about the benefits of Chapter 11 bankruptcy.
Why Choose Chapter 11?
In situations where your company is completely unable to pay the debts it owes, you will likely be forced to liquidate the assets of the company through Chapter 7 bankruptcy in order to discharge the outstanding debt. Chapter 11 is a much more desirable type of bankruptcy that allows a company to retain its identity while restructuring to pay the debts it owes. Chapter 11 allows for benefits like the following:
- Allows the company to continue operations during the proceedings
- Prevents layoffs
- Grants management leverage with creditors
- Makes a return to normal operation possible after restructuring
With the help of a skilled legal team, you may be able to save your sinking business with Chapter 11 bankruptcy.
If your company is in danger of going under due to unforeseen financial stress, it may be possible to save the business through restructuring in a Chapter 11 bankruptcy filing. Contact the Houston bankruptcy lawyers at the Law Offices of Russell Van Beustring, P.C., to discuss the potential benefits of pursuing a Chapter 11 bankruptcy case. Call us at 713-973-6650.