Stop Business Debt in Houston, TX
Like with individuals, ups and downs of the economy and changing business realities can result in extreme financial problems for business entities.
If your small business is facing financial challenges, schedule a consultation with an attorney at Keeling Law Firm to review and analyze the problems and to chart a course toward resolution. Keeling Law Firm represents individual business owners (sole proprietorships), partnerships, limited liability companies, and corporations.
Keeling Law Firm attorneys have an extensive history of representing small businesses in Texas courts, in Federal courts (including Bankruptcy courts), in liquidations under Texas law, in negotiating agreements to avoid litigation, and in negotiating a resolution of judgments and liabilities.
If the debts are becoming overwhelming, alternatives to be considered include:
- Workout arrangements with creditors,
- Reorganization under Chapter 11 or Subchapter V of the Bankruptcy Code,
- Liquidation of the business by a bankruptcy trustee under Chapter 7 of the Bankruptcy Code, and
- Winding up the business under Texas law.
The financial affairs of many small businesses are often interconnected with the financial affairs of their owners. Examples of such interconnection include:
- Loans to support the business,
- Personal guarantees of business debt,
- Leases and personal guaranties of leases,
- Personal liability of responsible persons for the failure of the business to pay payroll taxes and sales taxes, and
- Lawsuits filed against both the business and the business owner.
Initial activities are oriented to analyzing the issues, clarifying issues, determining effects on owners and other stakeholders, defining goals, identifying potential paths to resolution, and outlining an action plan.
For business entities, bankruptcy is generally a last resort. In many instances it serves the interests of all parties, including creditors, to continue the operation of the entity.
The attorneys at Keeling Law Firm stand ready to provide practical advice and effective representation to small businesses and to small business owners in relation to litigation, potential liquidation, potential business reorganization, and avoidance of bankruptcy.
We would be pleased to discuss your situation. We recognize that not everyone has a background in litigation, corporate law, or bankruptcy. We provide practical advice and effective representation.
Click here to Request More Information or call us today at 713.686.2222