Committed to Helping
You Achieve Your Goals
Arlington Business Bankruptcy Attorneys
Create New Opportunities out of Financial Difficulty
At Norred Law, we know that considering bankruptcy protection is not easy for any business owner. Our Dallas-Fort Worth bankruptcy attorneys learn our clients’ priorities and goals for their businesses and propose practical solutions to achieve them. Our team has extensive experience steering businesses toward a brighter financial future. We serve clients in Texas and throughout the United States.
Choosing Chapter 7 or Chapter 11 for a Business
Depending on your business’s financial situation and your long-term goals, either Chapter 11 or Chapter 7 bankruptcy can be an effective way to reset your business’s finances or wrap up your business and move on to other ventures.
Business looking to file for bankruptcy can choose from:
- Chapter 11 bankruptcy: A form of debt restructuring that allows a business to reorganize outstanding debts and establish a payment plan based on future earnings. For businesses that wish to keep operating, Chapter 11 provides a path toward business renewal and eventual growth using a plan of reorganization that can eliminate business sites and leases that are unprofitable while keeping other sites alive.
- Chapter 7 bankruptcy: Bankruptcy in which the assets of a business are gathered and sold; the proceeds are used to settle claims from individual creditors. In most cases, any debts that remain are uncollectable and the business entity shields owners from liability. Chapter 7 bankruptcy is most often pursued by businesses that are looking to close but have some valuable assets.
Norred Law can help you understand which option is best suited for your situation.
Our Arlington Business Bankruptcy Attorneys Can Help
At Norred Law, we have the experience to sort through the most complicated finances and business operations. We anticipate our clients’ questions and make sure they know what to expect from the bankruptcy process.
Many bankruptcy attorneys have never filed a Chapter 11 petition and avoid adversary proceedings in bankruptcy at all costs. Without these tools, an attorney cannot provide the most effective advice and representation. At Norred Law, we do not shy away from tough cases. If you have a business in financial turmoil, seek the support of our experienced attorneys in Texas.
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