Debts And Bankruptcy | Find A Fresh Start For The Future

When you feel like your business is buried in debt and you will never be able to dig your way out, Bryan Law Firm PLLC can help. Lead attorney Craig M. Bryan understands how hard you have worked for your business and has the experience to help you decide if it is time to file for bankruptcy. With a strong background in business law and financial needs, he can work with you to create a strategy when your business is in a place where debts cannot be paid back.

Business Bankruptcy: What You Need To Know

Bankruptcy laws were established to help you get a fresh start by relieving certain debts. There are different types of bankruptcies – the one that is right for you depends on your specific financial situation. Whichever type of bankruptcy you choose, your creditors must stop all collection action on the day you file your bankruptcy petition with the court.

At Bryan Law Firm PLLC, lawyer Craig M. Bryan will analyze your overall goal for your business and determine which chapter is right for you. If you own a struggling business or are facing bankruptcy issues yourself, bankruptcy could be the solution.

Chapter 7

At the end of a Chapter 7 bankruptcy, your debts are discharged, meaning you no longer owe them. This chapter may be for you if your significant debts are:

  • Credit card debt
  • Medical bills
  • Past due rent and utility bills
  • Personal loans
  • Some tax bills that are more than three years old

You will still owe student loans, secured debts such as a mortgage or car payment, alimony, and child support. If those are the majority of your debts, Chapter 7 may not be for you.

Chapter 11

Chapter 11 is the type of bankruptcy most often used by good-sized businesses, but it can help certain individuals and small-business owners find debt relief as well. It allows consumers to restructure their debts and pay them back over time. It may be useful for someone who does not qualify for Chapter 13. However, it is more complicated.

Chapter 13

Chapter 13 is for those who have enough income, but hit a snag in the road and fell behind or are having difficulty catching up. It requires presenting a reorganization plan to the court that effectively decreases monthly payments over a three- to five-year period. If the court accepts the proposal, and all aspects of the plan are complied with, at the end of the period the remaining debts are discharged.

Looking For Debt Relief For Your Business?

Bryan Law Firm PLLC serves Austin clients throughout the Austin Division of the Western District of Texas. Attorney Craig M. Bryan will meet with you one-on-one to review your debt situation and help you determine which type of bankruptcy may meet your needs. Contact the law office at 512-777-1769, or set up an appointment via the online form.