In the work of business and commerce in Texas, knowing the truth about bankruptcy and other financial matters is vital to your success. With that said, we want all business owners in the Austin area to first understand that they are not alone in facing severe financial hardships.
Other businesses and companies struggle just as hard as do to overcome debt and go on to succeed. Also, just like you, they must make tough decisions when they learn that their efforts to get a handle on debt have failed.
As attorneys serving Texas residents, we know just how strongly those like you resist resorting to chapter 11 and chapter 7 business bankruptcies. Our lawyers believe it is the large array of myths surrounding these solutions that keep entrepreneurs from considering bankruptcy.
- You will lose everything in chapter 11 or chapter 7 business bankruptcy. This is not so because the goal of business bankruptcy is to help you find success and begin to earn a profit, which is good for the whole community.
- You cannot get rid of debts through this option; you can only develop a plan to repay them. In truth, some of your business debt may be discharged altogether in chapter 11.
- There is no way your business can stay open during chapter 11. Creating a debt reorganization plan allows you the opportunity to remain in business if you comply with the plan’s requirements.
The matters discussed here are just some of the most basic information we thought would help our readers and clients discount the many bankruptcy myths. You can find more information by continuing to review our website and our blog posts.
