No Austin business owner enjoys contemplating bankruptcy, but when their company is facing insurmountable challenges, filing for bankruptcy may be the only life preserver the business has available to get back to financial safety. In Chapter 11 bankruptcy, a business...
Month: April 2020
Thinking about bankruptcy? Chapter 7 or 11 may be right for you
You’ve been running your business for years, but over time, you’ve seen fewer profits. You wish that it was easy to resolve the issue, but you can’t seem to figure out what’s going wrong. You’ve come to a point where you think you’re going to have to close, but you...
Proofs of claim in personal bankruptcy cases
When individuals and families in Texas and around the country file for bankruptcy, the bankruptcy trustee will determine whether the petition deals with an asset or a non-asset case. When the petitioner has assets exceeding federal or state exemptions, creditors can...
Will small business bankruptcy impact your personal assets and credit?
If you’re a small business owner in the Lone Star State, you may be worrying about how your company’s bankruptcy may affect your personal finances like your assets and credit score. Here are some important details you should know. The personal liability for business...
A recession is coming: That could lead to a wave of bankruptcies
The economy has essentially been in freefall for weeks, and it is unclear when it is going to recover. While the economy always operates in waves, this has been a very quick decline, and it has business owners worried about what the future holds. In fact, we’re at the...