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Law Office of Gordon Mosley
A Bankruptcy & Consumer law Firm
20 Years Experience Helping People Gain A Fresh Start

April 2016 Archives

FAQs for struggling small business owners in Texas

A struggling small business owner from Texas is getting a fresh start. The business operated for 12 years, but the owner was unable to recover after the Great Recession. He stated that the business was hit hard during the Recession and once his capital was diminished "there was no surviving."

Texas becoming a hotbed for Chapter 11 bankruptcy

The need to file for a business bankruptcy is frequently contingent on market factors. It is with this in mind that a large number of businesses have needed to move forward with a Chapter 11 bankruptcy in Texas because of a glut in the oil market. According to research, the number of cases that were filed over a seven-week period in Texas was one fewer than the total number in the East Coast courts of Delaware and the Southern District of New York.

What debts cannot be eliminated in personal bankruptcy?

While personal bankruptcy is viewed as a viable option for Texas residents who have been negatively affected by the struggling economy, are facing mounting bills and need debt relief to get back on stronger footing, it is not the panacea that some might be mistaken in believing it is. Thinking that a simple bankruptcy filing will eliminate debt completely is a mistake and it can result in people misunderstanding what is possible and compounding the initial issues that got them into financial trouble in the first place. Knowing which debts can be eliminated is step one before moving forward.

Autogas technology company files for Chapter 11 in Texas

Businesses in Texas might recoil at the mere mentioning of the word "bankruptcy" even if they know that the future of the business might rely on getting the business and its debts back under control. What must be realized is that the decision to file for a business bankruptcy is one that is not a negative, but can be a positive to the future of the business and help to get back on a better financial foundation. One tactic that many businesses have used in the past to improve their situation is a reorganization under Chapter 11. Naturally, it is imperative to know the various consequences of this and whether it is the best possible option for the individual company.

Deciding whether Chapter 7 is the best possible option

Once a person in Texas who is struggling financially makes the decision to deal with those financial challenges by considering bankruptcy, it can be confusing deciding which option is the right one. Those who are thinking about filing for Chapter 7 need to be fully aware of the alternatives that are available and how they might or might not be preferable.

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Law Office of Gordon Mosley

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Phone: 903-266-1843
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