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Pratt Law Group Can Help You With Collection During Bankruptcy
After a business chooses to declare bankruptcy, its creditors quickly make moves to protect their debt and collateral. If you should need help with a collection bankruptcy-related issue, you should hire an experienced law firm to help you throughout the process. We have more than three decades of experience helping corporate creditors and financial institutes with bankruptcy proceedings.
We have helped hundreds of equipment lenders and creditors deal with bankruptcies that involve the following but are not limited to:
- Motor vehicle dealers
- Healthcare providers
- Oil and gas companies
- Real estate owners
We Are Familiar With Forecloses, Collections and Repossessions
We use our knowledge and skills to quickly help our clients reduce their losses and protect their assets. Our lawyers look for any available options to assist creditors in collecting during bankruptcy proceedings, usually before a plan has been put into place.
We identify the collateral used to secure the loan. We tend to collect by suggesting protection payments, an automatic stay relief, or foreclosing on collateral such as buildings, vehicles, inventory, etc. We also may put a lien on any accounts receivable.
At the Pratt Law Group, we have plenty of experience helping creditors in Chapter 11 bankruptcy proceedings.
How Do We Intervene In The Bankruptcy Processes
It takes professional and highly-trained lawyers to navigate the complexity of a bankruptcy proceeding. An experienced bankruptcy attorney will know when an opportunity arises and when to act. It means to move within the confines of the law without overstepping it.
Our services are consist of putting the client’s needs first, helping through the complexity of Chapter 11 bankruptcy. Our clients can feel assured that we will effectively represent them throughout the process.
We Offer Reliable Bankruptcy Collection Solutions
If you need help with a collection process, call one of our highly-experienced attorneys at 888-517-4575 or use the online feature to contact us
Business Owners Can File Chapter 7 Bankruptcy
Business chapter 7 bankruptcy isn’t very common as Chapter 11 business restructuring, but the practice is becoming more common these days. With this kind of bankruptcy, a business seeks liquidation and sells its assets to pay off its debts (usually tax debts).
Small business owners often use their personal line of credit to get their business off the ground and may find that they cannot pay off their debt. We come up with a plan after we look at your financial situation. We’ll ask you about solvency, the future of your business and come up with an idea for relief for your personal debt.
Consumers Chapter 7 Bankruptcy
If you don’t have a lot of assets and your last six months of income is lower than the median income for your family size in Texas, you may be eligible to file for Chapter 7 bankruptcy. After a review of your situation, we’ll know for sure if Chapter 7 or Chapter 13 is better.
If your house is underwater or you have too high of an adjustable-rate mortgage, we will make you aware of your situation and let you know what your options are.
Divorce and Bankruptcy
When a household loses one income, usually through a divorce, it often leads to serious financial difficulties. We can assist you during this trying process so that you can move on with your life without a financial cloud hanging over your head.
We Can Assist With Your Chapter 11 Bankruptcy
Bankruptcy offers you immediate relief from bill collectors, providing you with some breathing room to come up with a plan of action to get out from underneath your debt. It gives you a chance to look at which bankruptcy option is best for you.
How do we help?
We look over your business’ finances to consider your cash flow and business prospects to set up a Chapter 11 reorganization. We can help set up the reorganization plan structure between you and the other parties involved – vendors, banks, creditors, etc.
In the majority of situations, we suggest to our clients to look at all their options before declaring bankruptcy. We only suggest it as a last resort, and we feel it’s your only option to recover from financial distress.
Get Legal Help When You Face Financial Problems
Most businesses tend to file Chapter 11 bankruptcy, but people who have large debts or earnings will find Chapter 11 is best for them. With the help of our bankruptcy attorneys, we can help you wade through the process and find an option that’s right for you.
We’ll Help You Through The Chapter 11 Process
At The Pratt Law Group, we know there is no one-size-fits-all solution to bankruptcy. With over 99 years of experience, we learned that there is no universal way to help business owners get out of debt.
We listen to the concerns our clients have. We review the details of every clients’ business – no matter its size. We give them advice on which bankruptcy option is best to address their financial situation.
Considering Filing For Chapter 13 Bankruptcy?
You may think it’ll never happen to you, but bankruptcy can occur to anybody. It could happen because of a job layoff, medical bills, divorce, etc. If you have the means to pay for some of your debt (but not all), Chapter 13 bankruptcy may be the right financial recovery path.
Chapter 13 bankruptcy can reorganize the debt. Bankruptcy protection will give you the relief you need, doing so by reorganizing it to get back on solid financial ground. With the help of Pratt Law Group bankruptcy attorneys, we can bring you some peace of mind.
Ask yourself if you deserve the financial freedom that bankruptcy can offer. If the answer is yes, then you should really consider the option.
We Can Review Your Finances To Find The Best Solution
We look over your finances and come up with a solution best for you. People who have a decent income and can pay on their secured debts are usually eligible for Chapter 13 bankruptcy. People who do not have the financial means or assets are usually eligible for Chapter 7 bankruptcy. We have helped many businesses with their commercial bankruptcy cases to restructure companies and give them a chance for success.
If you restructure your debt via Chapter 13, you can rest easier at night, knowing that you won’t lose your home or car and a lot of credit card debt. You can feel assured that we can help you have a clean financial start.
We Can Help You On The Road To Financial Recovery
For decades, we have been helping people like you get control over their debt. Darryl Pratt, our founding attorney, is a business owner who has dealt with some of Texas’ most complicated commercial bankruptcies. He has the experience and skills that make him more than competent and formidable in court, and great respect from his peers.
Just because you choose Chapter 13 bankruptcy doesn’t mean you’re on the hook to pay everything back. Actually, depending on how much you make and the amount of your secured and unsecured debt, you may find that you only need to pay some of it back. With the repayment plan, you should get relief from your financial pain. Once the plan has been fulfilled, your unsecured debt will be discharged.
Reach out to our bankruptcy law firm by phone at 888-517-4575 or online to set up a free initial consultation.