Chapter 11, Chapter 7 and Alternatives to Bankruptcy
San Antonio Small Business Bankruptcy Attorney
If your business is struggling because of the economy, you may be tempted to file for Chapter 11 bankruptcy to protect yourself from creditors and reorganize your business debts. The unfortunate reality is that very few small businesses that have filed for Chapter 11 succeed. But you might be a good candidate, and if not, there are alternatives to simply going belly up.
The San Antonio, Texas law firm of Randolph N. Osherow, P.C. provides the sophisticated analysis and experience in small business bankruptcy to help you choose the best option for your circumstances. I have practiced bankruptcy law for 25 years in Bexar County and invite you to a free consultation about your closely held or family-owned business.
Small Business Bankruptcy: What Can We Salvage?
Chapter 11 bankruptcy provides a stay from creditor actions and allows the business to make good on debts over a period of time. However, I have represented clients who filed for Chapter 11 on the advice of other attorneys, when there was no reasonable hope of long-term viability. Those clients spent thousands of dollars with nothing to show for it.
I will sit down with you to look realistically at your projected income, fixed costs, taxes, variable expenses and secured and unsecured debts:
- If the business prospects are good and the numbers work, Chapter 11 may be the answer. Your small business can emerge from bankruptcy in solid financial shape.
- If the outlook is grim or risky, it may be most prudent to file for Chapter 7 liquidation and close down the entity. Tools of trade are exempt assets in bankruptcy, and I have had success negotiating with creditors to keep other business equipment (which creditors are not eager to deal with). This allows you to continue your trade and earn a living, rather than simply surrendering assets.
- I can also represent you in negotiating with lenders for a commercial loan workout, with the IRS for abatement of taxes and penalties, or with vendors and other creditors for partial repayment or extensions on debts.
The decision to pursue small business bankruptcy, to liquidate, to negotiate, or to cut your losses and walk away depends on specific criteria. I have the background in bankruptcy law and creditor litigation to help you make an informed decision. I am a solo lawyer who will personally handle your case whichever way you go.
Call my San Antonio office at 888-846-5141 to arrange a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
