At Leinart Law Firm, we offer more than just a “one size fits all” approach to business bankruptcy. We understand the stress and worry of a business owner when profits start to dip or when a changing economic climate may mean their business model is no longer viable. If you’re struggling with business debt but aren’t quite ready to close shop, business bankruptcy may be an option to give you some breathing room to reorganize your debts and find relief.
A Cedar Hill, TX, business bankruptcy lawyer can help you learn more about your options for getting out of debt, including filing Chapter 11 business bankruptcy and putting legal protections in place to shield your personal assets from seizure in the business bankruptcy process. Contact us today for a professional evaluation of your business finances and personalized advice.
What Does A Cedar Hill Business Bankruptcy Lawyer Do?
Texas offers several options for business owners to file for bankruptcy:
- Chapter 7 Business Bankruptcy
- Chapter 11 Business Bankruptcy
- Chapter 11 Subchapter 5 Small Business Bankruptcy
Each has advantages and disadvantages; it’s your attorney’s job to review each option (and Its benefits and drawbacks) with you and recommend the best legal steps. We take into consideration your personal and professional goals when we provide advice.
Is Business Bankruptcy Right For My Company?
If you’re overwhelmed with debt and your business income doesn’t seem to be keeping up with your ability to repay loans, then business bankruptcy may be the only way to save your company.
Is it right for you? Maybe, if you:
- Are working 60+ hours a week yet still can’t pay yourself a salary
- Are behind on your office or shop rent, and your commercial landlord is threatening to end your lease
- Haven’t been able to pay your employees or are behind on paying employee withholding (941) taxes
- Are behind with vendor payments or payments on secured loans
Business bankruptcy can give you time and space to restructure your corporate arrangement and consolidate your debts into more manageable payments.
However, some people may choose to close their businesses completely, filing Chapter 7 bankruptcy and liquidating all the business assets to repay the debts. We help you determine which option is best for you, Chapter 11 or Chapter 7, then draft and file all the necessary legal documents and motions to advance your claim.
Professional Legal Advice For Struggling Businesses
If you’re concerned that your business is underwater or your revenue doesn’t seem enough to cover your debts, then business bankruptcy may be the best option for you. We can help. The legal team at Leinart Law Firm evaluates your business structure and debts, then works with you to develop a realistic plan for repayment. If you wish to preserve your business, we can help with Chapter 11 business bankruptcy; if you’re ready to close its doors and move on, then we can help you with Chapter 7. Contact us today for a personalized consultation with an experienced Cedar Hill business bankruptcy lawyer.
