Bankruptcy Lawyers Houston
Bankruptcy law is incredibly complex. Federal law governs the rules and procedures used for bankruptcy filings, and there are several types of bankruptcy, each with different qualifications and procedures. The Houston bankruptcy lawyers at Adair Myers Graves Stevenson can guide you through the maze of bankruptcy proceedings. We can tailor a strategy to specifically meet your long-term goals and financial interests.
Because our attorneys have represented both creditors and debtors in bankruptcy proceedings, we have invaluable insight into the most effective strategies for each side.
Finance companies or companies that extend lines of credit will eventually experience a debtor defaulting on their financial obligations. Oftentimes, individuals or businesses will seek the protection of bankruptcy proceedings to relieve themselves of financial obligations, leaving creditors hung out to dry. At Adair Myers Graves Stevenson, we can help creditors obtain the best outcome with regard to recovering investments.
We can represent creditors in:
- Defense litigation
- Preference actions
- Fraudulent transfers
- Claim objections
- Relief from automatic stays
- Creditor committee proceedings
When a debtor declares bankruptcy, you might think obtaining any amount of your investment back is impossible, but our experienced Houston creditor representation attorneys can help you understand your options for collection.
Deciding whether or not to file for bankruptcy can be an intimidating process, but our lawyers can help you understand the factors that will influence your decision and provide step-by-step guidance if you decide to pursue bankruptcy.
For individuals and companies that have either misjudged financial circumstances or fallen upon hard times, bankruptcy proceedings can provide relief. Our attorneys offer a full range of representation for individuals and corporations in bankruptcy proceedings.
We can represent debtors in:
- Chapter 7 bankruptcy
- Chapter 11 bankruptcy
- Chapter 13 bankruptcy
- Debt relief settlements
- IRS collections
Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, a trustee is appointed who may cancel some or all of your debts in exchange for property. The trustee also has the authority to sell your property to repay creditors. Trustees are appointed by a bankruptcy court, and their main responsibility is to repay as much as possible to your creditors. Filing for Chapter 7 bankruptcy immediately stops creditors from trying to collect, but you are placing your property and debts in the hands of the bankruptcy court.
Chapter 11 Bankruptcy
Just because a business becomes insolvent, doesn’t mean that it can never recover and become solvent again. Given adequate debt relief, proper reorganization, and sufficient time, many Texas companies are able to reverse financial hard times and become profitable.
For sole proprietorships, partnerships, corporations, and other business entities, Chapter 11 bankruptcy (also called business bankruptcy) allows the reorganization of commercial debts without giving up the possession of the business’s assets and property. The Texas Chapter 11 bankruptcy lawyers at Adair Myers Graves Stevenson help businesses create and negotiate custom debt reorganization plans to effectively support their company’s future financial and business goals.
What Is Chapter 11 Bankruptcy?
When a business owes more money to a creditor than they can afford to pay, they may be eligible to file for Chapter 11 bankruptcy. Unlike other types of corporate bankruptcy, Chapter 11 allows a business to keep its assets and maintain operations. In Chapter 11 proceedings, creditors and debtors consolidate debts and agree to a payment plan that will allow for continued growth of the business.
Advantages of filing for Chapter 11 bankruptcy include:
- Continued operation of the business
- Owners maintain control of the business
- Current management may remain in place
- Vital creditor relationships can be preserved
Is Chapter 11 Bankruptcy Right For My Business?
Bankruptcy law is exceedingly complex. Deciding whether to pursue a business bankruptcy involves weighing numerous considerations. The Houston bankruptcy lawyers at Adair Myers Graves Stevenson can walk you through the many factors that may influence your decision. Our attorneys are well-versed in the legal nuances of bankruptcy law as well as the practical ramifications — such as its impact on your credit, assets, and the future of your business.
Even if you’re not sure bankruptcy is the right option, reach out to our experienced Houston bankruptcy lawyers. You may not realize what all of your options are, and we would be happy to help you make an informed decision.
Chapter 13 Bankruptcy
Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy allows the debtor to keep their property and repay creditors over a three or five year repayment plan ordered by a bankruptcy court. However, this option is only allowed for individuals, not for business entities. Among the requirements for Chapter 13 bankruptcy is the debtor must have sufficient income to pay debts. If you are unsure whether or not you are eligible to apply for Chapter 13 bankruptcy, talk to an experienced bankruptcy lawyer.
Houston Bankruptcy Attorneys: Adair Myers Graves Stevenson
In any type of bankruptcy proceeding, it’s important to protect your interests by partnering with an experienced bankruptcy attorney. Contact us today to discuss your legal options. We can tailor a plan of action that makes sense for your long-term goals and financial interests starting with a free initial consultation.