Killeen & Waco Chapter 11 Bankruptcy Attorney
Helping Businesses Obtain Bankruptcy Relief in Central Texas
Though individuals sometimes file for Chapter 11 in certain situations, this type of bankruptcy is primarily used by large corporations. If your business is experiencing financial difficulties and is in danger of losing critical assets, Chapter 11 bankruptcy can give your company the time and resources you need to reorganize your debt and get back on track.
It is not wise to pursue Chapter 11 relief without an experienced bankruptcy lawyer. You will need to complete complex paperwork and propose a plan that your company's creditors will vote on.
The Killeen & Waco Chapter 11 bankruptcy lawyer at Erin B. Shank, P.C. has 40 years of legal experience and is passionate about helping Texas businesses prosper. Erin and her team of talented paralegals can guide your company through each step of the process and will actually write your company=s Chapter ll Plan of Reorganization. Erin and her paralegals meet with all of their clients virtually, meaning most (if not all) of your Chapter 11 case can be handled remotely.
If your business is considering Chapter 11 bankruptcy, call (254) 690-4110 or contact the firm online to schedule a free initial consultation. Flexible payment plans for our attorney's fees are available.
How Chapter 11 Bankruptcy Works in Texas
When a corporation is struggling to pay creditors, it may turn to Chapter 11 bankruptcy. You should always discuss your case with an experienced bankruptcy attorney before filing. Erin will review your company=s financial circumstances and advise whether Chapter 11 is the right choice. After we receive all of the necessary paperwork, the team at Erin B. Shank, P.C. will prepare the first draft of your bankruptcy paperwork. Before we file, Erin will meet with you via Zoom to go over each page of your bankruptcy paperwork before your case is filed to ensure that it is accurately and completely prepared before your case is filed.
Once your petition is filed, your business will immediately benefit from a court order called the automatic stay. The automatic stay temporarily stops all collection actions, meaning your creditors will not be able to request payments, file lawsuits against your business, evict your business from commercial property, start or complete a foreclosure, or seize your company=s property.
You (and other owners) will maintain control of your business during the Chapter 11 process. However, you will need to get permission from the bankruptcy court to carry out certain transactions, such as entering a new commercial lease, liquidating company property, or shutting down portions of your business.
Shortly after filing, Erin will prepare and file a Disclosure Statement that provides a complete breakdown of your company=s financial background and a Chapter ll plan that she will send to your creditors and request that they vote for or against it.
Your business=s creditors will vote on your proposal. If the creditors vote against the plan or file legal objections to it, the bankruptcy court will consider if your company=s Plan of Reorganization can nevertheless be approved. The bankruptcy judge can overrule creditors objections and votes if the Court believes the Chapter ll Plan is fair and reasonable and meets all of the other legal requirements set forth in the Bankruptcy Code.
Killeen and Waco Chapter 11 bankruptcy attorney Erin B. Shank will prepare and file all of your Chapter ll bankruptcy documents and help your business prepare a robust plan designed to satisfy creditors and reorganize. Erin appears at all bankruptcy hearings and meeting on your company's behalf.
How Subchapter V Works in Texas
Chapter 11 bankruptcy can be a lengthy, costly, and contentious process, especially for larger companies. Subchapter V is a more efficient and cost-effective form of Chapter 11 bankruptcy available to small businesses. To qualify, your business must have a consistent income, and its debts must not exceed $3,024,725 (as of April 1, 2022).
Unlike a traditional Chapter 11 filing, Subchapter V does not require a disclosure statement and your creditors do not vote to accept or reject your Chapter ll Plan. However, a Trustee will be appointed in your case, and you will need to report financial information to the Trustee. The bankruptcy court will approve your Plan of Reorganization if it is fair and meets all other requirement in the Bankruptcy Code.
Discuss Your Options with a Seasoned Killeen & Waco Chapter 11 Bankruptcy Lawyer
The goal of Chapter 11 bankruptcy is to help your business overcome financial difficulties and emerge from the process stronger than ever. Erin B. Shank is available to make sure your company succeeds. Do not hesitate to reach out if your business is struggling to make payroll, keep up with debts, or manage its obligations.
Have questions about Chapter 11 bankruptcy? Call (254) 690-4110 or contact us online to learn more about what filing can do for your business.
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