Considering Business Bankruptcy?
Business Bankruptcy Lawyer in Lewisville TX Can Help Turn Your Finances Around
Are you overwhelmed by the crippling financial obligations of running a business? Are you frequently unable to pay your business debt or incoming bills? If so, ask our Lewisville bankruptcy lawyers if business bankruptcy is for you. Filing bankruptcy is a viable form of protection that can resolve your company’s financial worries. Despite an unfair stigma attached to the term, filing bankruptcy for your business can help both your bottom line and your peace of mind. Our knowledgeable attorneys understand the legal intricacies involved and what obstacles you may face going through a business bankruptcy.
Why Filing Texas Business Bankruptcy May Be For You
If you are bombarded with harassing calls from creditors, threats of lawsuits or other such harassment and you wish to freeze all debt collecting actions, then a business bankruptcy may be your best option. It can prevent excess damage to your credit history and even persuade creditors to be more flexible when they find out you are initiating a bankruptcy for business proceeding.
A good bankruptcy attorney can help if you need solutions to save your business. Our Lewisville law firm can inform you of your rights and obligations as a debtor, help you decide what kinds of bankruptcy for business is best for you and let you know which kind of business debts can be discharged. A great benefit to having an attorney represent you and your business throughout the bankruptcy process is that you have someone to deal with creditors on your behalf as well as give you peace of mind.
What Types of Bankruptcies Involve Businesses? Lewisville Business Bankruptcy Lawyer Answers
There are two primary types of bankruptcies for businesses: Chapter 7 and Chapter 11.
Chapter 7 for business bankruptcy is an option if you wish to close your company and end your debt by liquidating all or most of your business assets. It is the most common type of bankruptcy, and it can help if you want to close your business and cut your losses. A court-appointed trustee will oversee the liquidation of your assets and study the claim of every creditor in a Chapter 7 bankruptcy. You will be able to keep whatever funds remain. If the company lacks sellable assets, then a final report will be written up, drawing the case to a close.
Chapter 11 business bankruptcy may be another option if you wish to keep your company open while you reorganize your debt to save the business. One upside is that your business can continue operating without the drain of heavy debt payments. A good business bankruptcy attorney can reduce your debt, stop lawsuits and allow for better cash flow for your business using Chapter 11 bankruptcy.
Do I Need a Lawyer for Business Bankruptcy in Texas?
Legal advice is a must when it comes to choosing the method of your bankruptcy. We are proud to represent your interests, whether you run a small businesses or corporate enterprise.
If business bankruptcy is for you, or if you are a creditor involved in a business bankruptcy case, then contact a Lewisville bankruptcy lawyer at (972) 315-6222 for a consultation.
We are a debt relief agency. We help people file for debt relief under the U.S. Bankruptcy Code.