Smith County Chapter 11 Bankruptcy Lawyer

If you or your corporation is in debt, there is still hope. The right attorney can help you file for Chapter 11 bankruptcy. Unlike Chapter 7, Chapter 11 allows you to reorganize debt and pay creditors back. Fully understanding how Chapter 11 works is often confusing, so it is in your best interests to seek experienced legal aid as soon as possible.

Chapter 11 bankruptcy information

Corporations and businesses typically use Chapter 11, but individuals may also file for Chapter 11 if they have a constant income. With Chapter 11 bankruptcy, the debtor remains in possession of his or her company, but the business operates while paying creditors back. This form of bankruptcy is most suitable for businesses that are profitable or for individuals who have a moral obligation to pay their creditors back.

Anyone who is eligible to file for Chapter 7 may file for Smith County Chapter 11 bankruptcy. Therefore, if you find yourself facing a large amount of debt and have a less than average income, you may choose between Chapter 7 and Chapter 11.

Filing for Chapter 11

Below are the steps in involved in filing for Chapter 11 bankruptcy:

• Seek experienced counsel. Declaring Chapter 11 bankruptcy in Smith County starts by hiring an experienced attorney. He or she can review your case to determine the best course of action.
• File a petition. Next, you must file a petition with the bankruptcy court.
• Create a reorganization plan. You have 120 days to create a plan that will keep your business running on a daily basis while simultaneously paying back creditors. The creditors and the bankruptcy court must then approve your plan. If your plan is not approved, the court or creditors may suggest a new plan.

Chapter 11 FAQs

Below are the answers to some frequently asked questions about Chapter 11 bankruptcy:

• Does Chapter 11 involve liquidation? Chapter 11 does not liquidate assets. Chapter 11 relies on restructuring a business so that it can operate and pay creditors back.
• Who maintains a business during Chapter 11? The management of a company controls the day-to-day operations.
• Are there restrictions on the size or type of business that can file for Chapter 11? No. Businesses that file for Smith County Chapter 11 may be very large or very small.

For legal advice, call today—Tyler: 903.593.6899 , Mineola: 903.569.0000 or Toll Free: 877.569.0010

Bradley Campbell is an attorney with more than 24 years of bankruptcy experience. He has handled more than 2500 bankruptcies over the course of his career. When you retain his services, he analyzes the facts and circumstances of your case to determine whether bankruptcy is the right choice for you. He can explain your legal rights and options to help put your mind at ease. Please call today and speak with us.

We offer a free bankruptcy case analysis.