Plano, McKinney & Dallas Chapter 11 Bankruptcy Lawyer

Harriet Langston, P.C. helps business owners file Chapter 11 bankruptcy in Dallas, McKinney & Plano Texas. If you are heading a company with loan payments outpacing revenues at a seemingly unsustainable rate, then filing Chapter 11 in Dallas may be a suitable option.

For some, filing Chapter 11 might imply raising the white flag and admitting failure. In fact, many companies, big and small, have emerged stronger after filing Chapter 11. For example, two companies that filed Chapter 11 in the past are Continental Airlines and Macy’s. By allowing businesses to reorganize and pay debts according to an approved schedule, Chapter 11 helps companies return to financial solvency.

Benefits of Chapter 11

If you are running a business and find yourself focusing more on how to pay back creditors than how to generate revenue, then your debt problem may warrant bankruptcy. There are several benefits to filing Chapter 11 in Dallas with Harriet Langston, P.C.:

• You stay in business:filing for Chapter 11 allows you to become a debtor in possession. Debtors in possession maintain control over their assets and act, in many ways, like a bankruptcy trustee. Duties of the debtor in possession can include accounting for property, examining creditor claims, and filing reports.
• Automatic stay:when you file for bankruptcy, you receive automatic stay, which means that creditors and collection agencies are forbidden from contacting and harassing you about payments.
• Reorganize your business:Chapter 11 provides the necessary impetus for changing a failing business model. Under Chapter 11, you are required to restructure your business, which could include consolidating debt and shedding assets.

If you need to reorganize your business in order to stay in business, contact Harriet Langston about filing Chapter 11 bankruptcy in Dallas.

Receiving skilled legal assistance

Filing for Chapter 11 bankruptcy in Dallas, Plano & McKinney, TX can be quite complicated. The reorganization of your business is not something to take lightly. When you file for business bankruptcy, you will be required to present a viable business reorganization plan to creditors, along with a repayment schedule. This plan must be approved by creditors. Harriet Langston, P.C. may help you formulate a plan and payment schedule that is realistic for you and acceptable for your creditors.

Call 866-603-0804 to file Chapter 11 bankruptcy in Dallas.