Bankruptcy topics are intimidating to most business owners in Texas. After all, those operating companies are most interested in achieving success than they are in learning about complex bankruptcy issues. While you can rely on an experienced law firm for accurate information about filing a business bankruptcy it is also wise to develop a basic understanding of chapter 11.
Our Houston, TX, attorneys have decades of experience handling complex bankruptcy issues for businesses and corporations. We hope to impart some of the insight we have gained about these matters to our blog readers. The following sections contain four key points all business owners should understand before starting a chapter 11 bankruptcy.
- The goal of reorganization bankruptcies like chapter 11 is not to close your business, but rather to restructure it so that you can become profitable. As such, there exists a significant possibility that you can remain open during and after the process.
- Chapter 11 bankruptcy does not indicate failure as an entrepreneur. Some of the largest companies in America have undergone and survived a bankruptcy. Well-known examples of these companies include American Airlines and General Motors.
- Many believe that they must repay each of their business debts under chapter 11. In truth, many of your existing debts might be discharged altogether, leaving you free to continue your enterprise unburdened by heavy financial liabilities.
- Finally, you will benefit greatly from acquiring legal guidance for chapter 11 filings and other complex bankruptcy issues. Such guidance means that you have a knowledgeable advocate whose only interest is helping you overcome your debt and find success as a business owner.
We invite you to continue reviewing the information published on our website and our blog. We also welcome any inquiries you wish to send to our legal team.