Dallas Chapter 7 Bankruptcy Attorney
REPRESENTING SMALL BUSINESSES, LLC’S & CORPORATIONS
Chapter 7 bankruptcy, typically referred to as “liquidation” bankruptcy, offers debtors the opportunity to eradicate their debt by liquidating their assets. This type of bankruptcy can give a debtor immediate relief from any and all debt collection efforts and can provide those in debt with the opportunity at a new and fresh financial start. No matter if you are a small business owner or you run a corporation or LLC, you can benefit from working with an experienced and skilled Dallas Chapter 7 bankruptcy lawyer.
Filing for bankruptcy is something that should not be taken lightly. Whether you decide to file as a sole proprietor of a business or on behalf of your company, I can offer you the guidance and counsel you’ll need through every step of these proceedings. At the beginning of this process, I counsel my clients on the advantages and disadvantages of a Chapter 7 bankruptcy and how they and their businesses are affected. These proceedings can be complicated, and I provide the specific information you need in your unique situation. I can also address any immediate concerns you have while giving an honest evaluation of what Chapter 7 might be able to do for your future.
Please call (214) 965-8240 to talk with a qualified Dallas bankruptcy lawyer about your needs. When you call, you can expect straightforward and empathetic counsel as well as honest answers to your hard questions.
ADVANTAGES AND DISADVANTAGES OF CHAPTER 7 FOR A BUSINESS
If you pursue a Chapter 7 bankruptcy case, some specific advantages and disadvantages should be considered. As a Dallas bankruptcy attorney, I will take the time to review all of these options with you and explain how they pertain to you and your situation. In the interim, this list can provide some fundamental insight into the benefits and drawbacks of Chapter 7.
Chapter 7 bankruptcy can offer advantages:
- All debt collection efforts against your company must immediately cease when the case is filed.
- The bankruptcy trustee will liquidate all of the assets of your business. This process is typically very orderly and will not require the business owner to directly settle with creditors.
- All dischargeable debt will be eliminated, which means that your company will no longer have any further obligation to pay that debt.
Chapter 7 bankruptcy does have a few disadvantages:
- Your business must cease operations. At the end of the process, Chapter 7 bankruptcy will result in the end of your company.
- You cannot directly sell the business after filing Chapter 7.
- If you were to sell your company’s assets on your own, you might be able to get a better price than what the Chapter 7 bankruptcy trustee will likely get.
QUALIFIED DALLAS BANKRUPTCY ATTORNEY
Even with these benefits and disadvantages in place, each case is unique and needs to be reviewed to see what the best option is for you and your business. Sometimes the best course of action is to file a Chapter 7 bankruptcy, but that is not always the case. No matter your situation, hiring an experienced attorney is the best way to protect your company’s future.