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Reorganize Your Debts with a Board Certified Bankruptcy Attorney

Chapter 11 is used to help both businesses and individuals who struggle with debt but do not fit the requirements of Chapter 12 or Chapter 13 This form of declaring bankruptcy is usually designed for larger cases. A Chapter 11 bankruptcy can be more expensive and time-consuming.

Find out if Chapter 11 bankruptcy will help you and your business. Contact our firm in Friendswood, TX online or call (281) 954-3161 to schedule your consultation with a Galveston County Chapter 11 attorney.

Determining the best course of action at the start of your matter will help you save time and money. An experienced attorney for bankruptcy matters can help you find the most expedient path to a better financial future.

At John E. Smith & Associates, we have more than three decades of legal experience helping thousands of clients through all forms of bankruptcy, including the often complex process of filing for Chapter 11. We will listen to your needs to determine if Chapter 11 bankruptcy is right for your particular situation.

Filing for Chapter 11 can be complex. Our chapter 11 attorney can help you:

  • File the initial petition for protection
  • Draft your plan for reorganization
  • Confirm the repayment plan with the court
  • Amend the plan or repayment agreement as necessary
  • Comply with the terms of your approved plan

What Are the Benefits of Filing for Chapter 11 Bankruptcy?

Also known as the “reorganization” chapter, Chapter 11 is typically used to help businesses stay afloat by restructuring their debts. Chapter 11 bankruptcy offers many advantages to business owners over other forms of bankruptcy.

Benefits of filing bankruptcy under Chapter 11 include:

  • Your business can continue its operations while repaying its debts
  • You can partially repay unsecured debts
  • You can take advantage of the automatic stay, preventing creditors from contacting you at your home or business
  • You have the ability to restructure secured debts with lower payments over a longer period of time
  • No debts are considered non-dischargeable in a Chapter 11 filing

A debtor will keep possession of their assets. The automatic stay will be put place to keep creditors and debt collectors at bay. Additionally, the business or individual will be protected from liens and lawsuits.

What Are the Differences in Filing for Chapter 11 with Business Structures?

Different business and corporate structures can add additional aspects to consider whether or not a Chapter 11 filing is best for you. The main differences exist between corporations, sole proprietorships, and partnerships and how personal and business assets can be affected.

In the case of corporations, the business exists separately from the owner. Therefore, a Chapter 11 filing would not put the personal assets of stockholders at risk, excluding the value of their investments.

Sole proprietorships do not exist as a separate entity from the owner, and therefore a bankruptcy includes both business and personal assets. While partnerships exist separately from their partners, like a corporation, the personal assets of partners can still be used to pay creditors in some cases.

Protecting Your Best Interests in Bankruptcy Court

Filing for bankruptcy should never be considered an “easy option." The initial decision to move forward in the process should be made with eyes open in regards to your knowledge of your legal options. John E. Smith & Associates is the firm you should turn to for Chapter 11 assistance.

At John E. Smith & Associates, our Galveston County Chapter 11 attorney is a Board Certified Specialist in Consumer Bankruptcy Law by the Texas Board of Legal Specialization. In his long career, John Smith has seen nearly everything and will use this to benefit every client to the firm. He uses his proven and tested knowledge and insights, as well as his years of experience, to walk clients through the pros and cons of Chapter 11.

Considering filing for Chapter 11 in Galveston County? Call our firm today at (281) 954-3161 to schedule an initial consultation for your business bankruptcy case.

Why John Smith Is the Right Attorney

To Handle Your Bankruptcy Matters
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  • Over 35 Years of

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  • When You Hire John,

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