Business Owners Can File Chapter 7 Bankruptcy
Business chapter 7 bankruptcy isn’t as 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.
Learn About 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.
Most businesses tend to file Chapter 11 bankruptcy, but people who have large debts or earnings will find Chapter 11 may be the best for them.
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.