Bedford Chapter 11 Bankruptcy Attorney
Helping Individuals & Businesses Regain Financial Health
Many of us have heard about large corporations, such as General Motors and K-Mart, filing for a Chapter 11 bankruptcy. While Chapter 11 bankruptcy is often associated with large corporations, smaller businesses and even individuals can file for a Chapter 11 bankruptcy relief as well.
If you are a business owner who is drowning in debt or an individual who does not qualify for a Chapter 7 or Chapter 13 bankruptcy, filing for a Chapter 11 bankruptcy relief may be right for you. It is vital that you seek professional legal guidance to determine what type of relief meets your financial needs. At The Law Office of Mark B. French, you can work with a legal team led by a Board-Certified bankruptcy lawyer; Board Certification puts Attorney French at the highest level of legal training, experience, and integrity, a distinction achieved by less than one percent of all Texas attorneys.
Are you facing debt overload? Contact a Bedford Chapter 11 bankruptcy lawyer at (817) 381-9855 to learn your options. You can also contact us through our online request form.
What Is a Chapter 11 Bankruptcy?
Chapter 11 bankruptcy involves a reorganization plan of one’s financial affairs, debts, and assets. Generally, Chapter 11 bankruptcy is entered into on a voluntary basis by the debtor. Typically, Chapter 11 petitions are filed by businesses (such as corporations), limited liability companies, and partnerships.
After filing for a Chapter 11, you are given a certain time limit to create and propose your restructuring plan. During the restructuring period of the plan, you will remain open and continue to operate your business as the “debtor in possession.”
The reorganization plan must be fair and equitable to creditors. Creditors are paid over time through the plan. Secured creditors, such as those holding a mortgage or lien on inventory, generally must be paid what their collateral is worth.
Keep in mind though, while operating under Chapter 11 bankruptcy, the bankruptcy court will retain control over major decisions, such as the sale of assets, entering into lease agreements, ceasing or expanding areas of operation, entering into contracts, and more.
Find Out if a Chapter 11 is Right for You
The decision of whether to file for a Chapter 11 is a major one, and it is vital that you have a full understanding of what is involved. At The Law Office of Mark B. French, you can sit down with one of our attorneys to get the guidance and counsel needed to determine the right course of action for you. Our firm has been providing the highest level of service to individuals and business owners in and around Bedford and throughout Tarrant County since 1987.
Call us at (817) 381-9855 to arrange to discuss your case with an attorney today.