Experienced Representation In Small Business Bankruptcy Matters
Throughout Texas and the United States, millions of small businesses are finding themselves in unexpected debt. If your small business is struggling to stay afloat, filing for bankruptcy is one way to get back on your feet.
At Mills Shirley LLP, we understand the stress that financial challenges can cause. Having represented clients in the Galveston and Houston area in numerous types of legal matters since 1846, we have the knowledge, insight and experience you need when considering bankruptcy. We take the time to explain your options – Chapter 11 reorganization, Chapter 7 liquidation, and all other bankruptcy-related matters – in order to help you and your business move forward.
Reorganization vs. Liquidation
Chapter 11 is considered a repayment or reorganization bankruptcy for businesses. In a Chapter 11 filing, your debts are reorganized in order to allow you to repay either a portion or all of them. This is a way for business which have the desire and resources to continue operating a chance to catch up on back payments while retaining assets and the original agreements with the parties that hold the debts. Typically, a Chapter 11 repayment plan lasts from three to five years, after which all debts should be up-to-date if payments occurred on the bankruptcy schedule.
Our bankruptcy attorneys are also equipped to provide creditors and other non-debtor third parties with advice on a range of bankruptcy issues. When a debtor files for bankruptcy, its creditors must assert their rights in a timely manner and navigate a complicated set of rules under the Bankruptcy Code. Whether the debt is secured or unsecured, we have the experience and skill necessary to help you find a workable solution.