Encountering financial difficulties as a business owner can be an overwhelming and stressful experience. Seeking the expertise of a commercial bankruptcy attorney can provide valuable support and guidance during these trying times. Commercial bankruptcy is a legal process that allows struggling businesses to restructure or liquidate their debts. While bankruptcy is never a business owner’s first choice, it can provide a path to stability and financial recovery.
The experienced commercial bankruptcy attorneys at Quadros, Migl & Crosby will help you explore your reorganization and debt relief options. We are the go-to partners for businesses large and small throughout the state of Texas and have a proven track record of helping our clients restructure their firms and get back on their feet. Our attorneys have extensive experience in all areas of Texas business law and will personalize their services to meet your needs.
How Our Commercial Bankruptcy Attorneys Can Help You
At Quadros, Migl & Crosby, our attorneys are dedicated to taking a comprehensive look at your personal and business finances to determine the best path forward to protect your financial interests. Some of the commercial bankruptcy services our skilled attorneys offer include the following:
Chapter 11 bankruptcy
Preference and Fraudulent Conveyance actions
Enforcing contract rights
Our attorneys proudly provide the unparalleled expertise of a large law firm with the personalized touch of a smaller firm. We understand there is no one-size-fits-all solution to your business concerns, and we will work with you to find a path forward that defends your interests.
Understanding Chapter 11 Bankruptcy
Chapter 11 bankruptcy allows a business to restructure its debt while keeping its income and other business assets intact. This type of bankruptcy also allows you to remain in business as you work out an agreement with your creditors. Unlike other types of bankruptcy, Chapter 11 has no debt limits and no trustee appointed to handle your cash, although one can be appointed if needed. A few of the other advantages Chapter 11 bankruptcy provides include the following:
Room to catch your breath: After filing, Chapter 11 bankruptcy allows your business a few months to develop a plan to reorganize the debt. This can provide you and your lawyers much-needed time to develop a strategic plan to get your business back on track.
Manageable payment plans: Your business will be able to file a plan for debt reorganization that makes sense for its unique needs. After being approved by the court, you are able to begin paying your restructured debts.
The ability to keep your business running: Unlike other types of bankruptcy, Chapter 11 allows a company to stay open throughout the process.
While Chapter 11 provides many benefits for business owners, it may not be the right fit for every situation. Your attorney will evaluate your needs and determine the best possible path forward to right the ship.
How to File a Successful Chapter 11 Case
Chapter 11 bankruptcy does not eliminate all of your business’s debt. Instead, it allows you to reorganize the debt in a more manageable way so you can continue paying for a set amount of time. If you complete these payments on time, the bankruptcy court may forgive the rest of your business debt. It is illegal for creditors to attempt to collect any debts during this process.
Our attorneys can help you take the right steps to file a successful Chapter 11 case, including the following:
Filing a petition with your local bankruptcy court
Creating a disclosure statement outlining your plan for repayment and reorganization
The creditors voting on your plan
The court confirming your plan
Continuing to operate your business as a “debtor in possession” while making payments on time
Our attorneys can help you devise an airtight plan and file all documents to ensure your creditors and the court confirm your repayment and reorganization plan. We will consider your finances as well as your business goals as we fight for your financial interests.
Speak With a Talented Commercial Bankruptcy Attorney at Quadros, Migl & Crosby
If your business is facing bankruptcy, you do not need to navigate this challenging legal process alone. At Quadros, Migl, & Crosby, our attorneys are dedicated to helping your business stay open as you restructure your company and repay your debts. We specialize in a wide range of bankruptcy solutions and will work with you to find the best path forward to get your business back on track. We tailor our approach to every case and provide both large and small clients with cost-effective services to help them maximize their business’s unique potential.
To learn more about our bankruptcy law services, call us at (713) 300-9662 or complete our contact form today.