USA Today reports on a Chapter 11 bankruptcy filing by Residential Capital, sometimes known as ResCap, which is Ally Financial’s mortgage business. Ally Financial received a $17.2 million bailout, which helped it survive the economic downturn, but now ResCap is in trouble, and management hopes that by filing for Chapter 11, they will be able to remain in business. ResCap has apparently reached agreements with many of its creditors, and hopes that the bankruptcy process will be relatively quick.
Are you looking for a way to kee the doors open on your struggling business? Speak with an experienced Austin bankruptcy attorney today.
It seems like every week carries news of some huge corporation filing for bankruptcy, and some of the details come out in the paper, but there still remains a lot of misunderstanding about what bankruptcy is, especially as it pertains to businesses. In these difficult economic times, a lot of smaller businesses in Austin are having trouble keeping their doors open. In some cases, a Chapter 11 bankruptcy may be a good way for businesses to keep their doors open, and get back on their feet. The most important thing that many people don’t realize is that a Chapter 11 bankruptcy allows you to repay debts on a plan, often at a discounted rate, and keep your doors open. Many businesses have been able to use Chapter 11 as a way to get back to profitability.
If your business is struggling to keep its doors open through tough times, speak with an experienced Austin business bankruptcy attorney as soon as possible to discuss your options. Brian Daniel has tremendous experience helping individuals and businesses get back on their feet, and can help you understand Chapter 11, and decide whether bankruptcy can get your business back on its feet. For more information and a FREE INITIAL CONSULTATION contact Brian at The Daniel Law Firm at (512)615-3569.