Bankruptcy In Business

Business Bankruptcy

When businesses find it hard to make their payments to their vendors and are not able to maintain profitability, one option may be to seek bankruptcy protection. In general, bankruptcy can help protect a business from going out of business and may help the business owner to regain control over their finances.

Your Business Bankruptcy Attorneys

Bankruptcy Attorney Christopher Lee

Christopher Lee

Owner Lee Law Firm LLC
Texas Bankruptcy Attorney
Member of the State Bar of Texas


Bankruptcy Attorney Lee Barrett

Lee Barrett

Attorney at Lee Law Firm LLC
Business Bankruptcy Attorney
Member of the State Bar of Texas


business chapter 7

Business Chapter 7

A business may file for Chapter 7 debt resolution, in which their debts are eliminated through the liquidation of remaining assets. In a business Chapter 7 case, the money obtained from liquidating assets is divided among creditors. There are some cases in which a business Chapter 7 may permanently close business operations once the debts have been resolved. There are other cases where even after a Chapter 7 filing the business can remain viable and continue to thrive. As always, when considering any bankruptcy protection you will need to consult with a qualified professional like those here at Lee Law Firm. Read More


Chapter 11 Bankruptcy

chapter 11

A business may file for Chapter 11 bankruptcy, in which debts are restructured and repaid through an organized repayment plan. Businesses typically remain in operation and many of the assets are protected from liquidation. The goal of a business Chapter 11 is to allow the business to remain operative while repaying their debts and regaining profitability. This can be a very attractive option for small business owners who just need that extra time or extra bit of cash to get through a rough patch. I see it all the time; business owners that come in to my office and their business had been great for years. But now, all of the sudden due this poor economy their clients have dried up or cannot pay causing an enormous negative impact on their ability to pay their vendors. Chapter 11 can help and may a be very good option for you. Seek advice sooner than later as pre-bankruptcy planning may be vital in the success and health of your business. Read More



Business Bankruptcy Considerations

business owners

There are a few important business bankruptcy considerations that should be reviewed before any business decides to file for bankruptcy. Bankruptcy proceedings can vary by business type and how a bankruptcy case is pursued for a sole proprietorship may be vastly different than with a corporation. With any bankruptcy, pre-bankruptcy planning is vital and most important. You need to have someone in your corner that you feel is there to help you through this and understands the in’s and out’s of the process. I cannot count the number of times that someone has filed a bankruptcy and lost assets that they should not have lost because they hired counsel that did not have a good grasp of the bankruptcy laws. You will not have that problem at Lee Law Firm as the attorneys at here have filed over 10,000 bankruptcies collectively. Read More



Bankruptcy Outside Of Business

personal bankruptcy

The line between a personal bankruptcy and a business bankruptcy can get blurred easily. Many people who own their own business may find a time in which filing for bankruptcy on their personal accounts is necessary, but don’t want to affect their business. Finding protection for your business assets when absolving your personal debts can be challenging. Many times, business owners personally guarantee the debts of the business. There are many reasons that cause people to do this. Most of which are good reasons. But this can cause a problem when filing a personal bankruptcy or a business bankruptcy. If you have done this you really need the help of good bankruptcy attorneys and should call us right away. We can explain to you how to deal with this in the most effective way possible. Read More



Debts and Assets In Business Bankruptcy

debts and assetsThe purpose of a business bankruptcy is similar to a personal bankruptcy, which is to reduce your debts and protect your assets. Although the objectives are similar, the process of achieving that goal can be quite different. The reason is that filing bankruptcy for a business usually will deal with far more creditors, types of debts and, generally, has different kinds of assets than a personal bankruptcy. Read More



Life After A Business Bankruptcy

bankruptcy dischargeThere are both benefits and downfalls with filing for bankruptcy as a business, but one thing is for sure; you will end up in a better financial position than before. Since the business must be suffering from significant financial trouble to qualify for business bankruptcy, the chances of finding relief through bankruptcy and absolving the debt burdens is much greater through bankruptcy than through no action at all. Read More



Business Chapter 7 vs. Personal Chapter 7

Although the method for managing debts in a personal Chapter 7 case versus a business Chapter 7 are similar, the outcomes can be quite different. This generally has to do with the assets that are involved and whether they are protected by bankruptcy laws. Read More




Business Bankruptcy FAQs

Bankruptcy in business or as an individual can be an overwhelming process, but it doesn’t have to be. The Lee Law Firm believes that every consumer and business owner should be able to learn about the process and take an active role in finding relief from their debts, which is why we developed this list of Frequently Asked Questions. Read More