Dallas Business Litigation Attorneys and Bankruptcy Lawyers
Chapter 11 bankruptcy allows a corporation or other business to reorganize its finances and keep their business alive while they pay off creditors over time. If a corporation is facing a seemingly insurmountable amount of debt but wants to remain in business, Chapter 11 is the best choice of all the various bankruptcy options. By filing for this type of bankruptcy, a corporation will restructure its financing through an organized plan that will be approved by a bankruptcy judge. In some cases, for example, corporate bankruptcy will mean that a business decides to close down some of its less profitable stores and come out of the reorganization with less debt. While the results of a bankruptcy will vary based on the corporation’s assets, liabilities, and goals, most corporations that file for Chapter 11 are successful in their restructuring and continue on to be respected businesses within the community or nationwide.
During the reorganization process, a skilled bankruptcy lawyer or law firm will assist the corporation in coming up with the best ways for the company to cut its costs while following the rules of the bankruptcy code. When a Chapter 11 bankruptcy case is filed, the automatic is set in place to prevent foreclosures, repossessions, collection activity, and new judgments being filed unless a creditor files an adversary proceeding in court. Most corporations will want to hire experienced legal counsel to represent them unless their in-house counsel is well versed in the bankruptcy code and has prior experience handling Chapter 11 cases from the debtor’s side. Small businesses that decide to file for Chapter 11 will also typically need the assistance of an experienced chapter 11 bankruptcy attorney, because exceptions to the bankruptcy code apply.
For companies considering filing for bankruptcy in Dallas It is a important to contact the skilled Dallas Bankruptcy lawyers at Pronske Goolsby & Kathman. Their office has extensive experience in handling Chapter 11 cases and can provide guidance as to whether reorganization is the best choice for a corporation and, if so, help streamline the process from the beginning.
The Dallas business litigation attorneys and bankruptcy lawyers at Pronske Goolsby & Kathman have spent more than 30 years handling bankruptcy cases for corporations and have conducted multiple continuing legal education seminars on the topic.