Chapter 11 is not as well understood as Chapter 7 and Chapter 13, but in 2010 alone more than 14,000 Chapter 11 bankruptcy cases were filed. This option is usually used by business owners, although it is available for individuals as well. Large corporations such as K-Mart, General Motors, and United Airlines have all filed for Chapter 11 bankruptcy. This chapter allows struggling business owners to reorganize their debts and confidently address the financial needs of their company with the hope of rebuilding and securing renewed financial solidity.
If you are a business owner in North Texas and struggling to keep above water, Chapter 11 bankruptcy could be the key solution to help you restructure your company and discharge debts.
By filing under Chapter 11, you effectively request assistance from the bankruptcy court. Major corporations and small businesses alike can utilize the provisions in Chapter 11, but there are some special exceptions available for small businesses. Under the bankruptcy code, a small business debtor is a business owner who owes a total of $2,490,925 or less.
If you hope to keep your business afloat and to continue operations after the bankruptcy proceedings are over then Chapter 11 bankruptcy could be a good choice for your business because you will most likely not be forced to dissolve the company but will be able to continue even while the bankruptcy is in process with oversight from the bankruptcy court.
If you are a small business owner contemplating Chapter 11 bankruptcy, don't hesitate to get in touch with our experienced Arlington bankruptcy lawyer today to schedule a free case evaluation. We have effectively served countless clients throughout Arlington, Mansfield, Grand Prairie, Fort Worth, Cedar Hill, and other North Texas communities since our bankruptcy law firm was founded in 1998. With more than 30 years of experience, Attorney Marilyn Garner understands the bankruptcy laws that apply to small business owners.
Take a step toward a fresh financial start: Call our Arlington firm to learn how we can help you get your business back on its feet.