Pendergraft & Simon, L.L.P. Legal Blog
Alamo Drafthouse enters Chapter 11 bankruptcy
Alamo Drafthouse is a chain business based in Texas that is a combination of a restaurant and movie theater. This makes for a unique experience, which has led to the opening of multiple locations, but it appears that not all of those will stay open. Due to financial pressures in the current economy, the company is…
Protect your vehicle from repossession in Texas
If you’ve fallen behind on your bills and are trying to catch up, one of the things you may be worried about is having your vehicle repossessed. If you lose your vehicle, you could have trouble getting to work or taking care of your family. It’s important to take action if you cannot make your…
Why do businesses commonly face bankruptcy?
People often talk about why individuals face bankruptcy, citing things like high medical bills or the loss of a job. But what about businesses? They can also face bankruptcy, even if the owner is not personally bankrupt. Why does this tend to happen? As you can likely assume, the heart of the issue is different…
What type of bankruptcy is best for your sole proprietorship?
If your sole proprietorship is mired in debt and you’re considering bankruptcy, you have a choice regarding what type to file. Unlike corporations and other types of businesses, you have the option to file Chapter 7 or 13, which are most commonly used by individuals, as well as Chapter 11. Because the assets of the…
How many people file for bankruptcy every year?
If you are considering filing for bankruptcy, you may feel like you’re the only person facing these serious financial challenges. That couldn’t be further from the truth. In reality, hundreds of thousands of people and businesses file for bankruptcy every year. You probably know numerous people who have. It just feels like you’re the only…
Preparing yourself for a personal bankruptcy in Texas
Making the difficult decision to file a chapter 7 or chapter 13 bankruptcy is the first of many steps you will take in overcoming your debt. The things you do next can make your journey through the bankruptcy process easier. We hope you already understand the many benefits legal guidance offers when seeking a chapter 7 or…
A Chapter 11 bankruptcy could save your business
A Chapter 11 bankruptcy can be complex. You may want to keep your business open and to retain as many of your employees as possible, but that does require finding ways to reduce your debts and renegotiate the way you do business. Your business comes first, and if you want to keep it open, restructuring…
Selling a business to avoid bankruptcy
If your company is struggling to make ends meet, you may be considering bankruptcy. It feels like all you can do to keep up with payroll, much less pay off what you owe. However, without going deeper into debt, you can’t get the materials you need to keep the business going. Eventually, you settle on…
Filing for bankruptcy could save your business
If your business has been struggling to stay solvent and you’ve seen a decline in business, then it may be time to look at restructuring your debts. A Chapter 11 bankruptcy can help you get your finances back in order and renegotiate debts and contracts to help your business be more profitable. A Chapter 11 bankruptcy is…
When your business isn’t thriving, is it better to sell or file for bankruptcy?
If you don’t think that it is financially viable to keep running your business, it’s important to consider all of your options. The first one you think of may be bankruptcy, such as using Chapter 11 or Chapter 13 to restructure or reorganize your finances to keep the business afloat. It is possible, in many…