An experienced Texas bankruptcy attorney is able to handle the variety of moving parts that make up a commercial reorganization or business bankruptcy case. Even the initial decision of whether to file a bankruptcy case carries with it significant consequences that affect professional fortunes and determine whether a business will even continue to operate. Restructuring is often the best solution because it gives a struggling business what it needs – time. This time makes it possible to catch up and get back on a track that can allow the business to continue and even thrive in the future.
There are numerous considerations a business owner has once his or her business files a bankruptcy petition and becomes a Debtor in Possession. The business is limited and cannot sell property outside of the ordinary course of business without receiving approval from the Bankruptcy Court. Debtors in Possession are also not permitted to pay their professionals without Bankruptcy Court approval. A business’s inner workings change drastically once restructuring or bankruptcy begins.
Bankruptcy litigation can make a situation more complex and can include areas such as successor liability, assumption or rejection of unexpired leases and executory contracts, disputed asset sales, and officer and director liability. An experienced, creative, and talented bankruptcy lawyer is essential when it comes to the successful prosecution of a business bankruptcy.
If you need the services of a Texas commercial or business bankruptcy attorney or you have questions about filing for bankruptcy or restructuring as a business owner, I can help. To schedule a consultation to discuss your situation, call me at 214.295.9295.