Texas Business and Consumer Bankruptcy Attorneys
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Businesses file for bankruptcy for many different reasons. A business may elect to either liquidate or reorganize under the bankruptcy code. In some situations, it may be better to liquidate your business that to reorganize it. For example, if your business requires little investment, has few assets and is really just an extension of your skills, you may be better of liquidating and starting over with a new business.
However, if your business has significant assets, a substantial workforce, and the potential to make a profit, you can use the bankruptcy laws to help you stop creditor collection actions, reject leases or contracts that are not advantageous, and buy time for your business to get on track.
Businesses also use the bankruptcy laws to buy time to sell their business or to realize more of a profit from asset sales than the fire-sale prices they would realize in a forced sale.
To discuss your matter with an experienced Texas business bankruptcy lawyer, please schedule a confidential consultation with Bailey & Galyen by calling 800-208-3104 or fill out our intake form and we will contact you to schedule a consultation.,
Consumer Bankruptcy
Consumer bankruptcy typically involves either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. A "means test" is employed to determine if a consumer debtor can even qualify for a Chapter 7 bankruptcy.
A Chapter 7 bankruptcy is basically a personal liquidation and takes much less time than a Chapter 13 bankruptcy. A Chapter 13 bankruptcy is basically a personal reorganization and allows payment of all debts during a 3-5 year period.
Both Chapter 7 bankruptcy and Chapter 13 bankruptcy trigger an automatic stay that stops all collection efforts by the creditors, even foreclosure efforts, repossession efforts and garnishment proceedings.
More importantly, a personal or consumer bankruptcy will afford you an opportunity to discharge current debt and permit you a fresh start. Basically, it gives you a second chance.
To discuss your matter with an experienced Texas consumer bankruptcy lawyer, please schedule a confidential consultation with Bailey & Galyen by calling 800-208-3104 or fill out our intake form and we will contact you to schedule a consultation.
Our focused Bankruptcy practice areas - Chapter 13 bankruptcy, Chapter 11, Chapter 7 bankruptcy, business bankruptcy, Credit Card Debts, Credit Harassment ,Wage Garnishments Home Foreclosures Repossessions Liquidation Individual Reorganizations Invalid Claims IRS Collections Lawsuits Judgments
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