Over 40 Years of Bankruptcy Practice Serving the Dallas and Fort Worth Area
When a business is unable to pay its debts, and no reorganization or sale is feasible, a Chapter 7 bankruptcy may be the right fit. Chapter 7 involves the liquidation of business assets and distribution of funds to creditors by an appointed Chapter 7 Trustee. The Trustee oversees selling the business assets, pursuing any claims on behalf of the business, and distributing all funds after costs to creditors. Business owners are required to file reports reflecting all assets, liabilities and certain historical financial transactions and facts, and cooperate with the Trustee’s efforts.
Chapter 7 bankruptcy is faster and less expensive than a Chapter 11 bankruptcy, as it avoids a lengthy reorganization process, but removes any ability of the owners to retain the business.
Driver Stepehson has over 40 years of experience guiding businesses through Chapter 7 bankruptcies and has delivered favorable results to business owners looking to free themselves of future financial burden.
Driver Stephenson has extensive experience in representing both debtor and creditor clients in many areas such as real estate, healthcare, hospitality, franchise, and retail spaces throughout Texas and nationwide.
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