Many businesses in financial distress have the option to file for bankruptcy. This option is also afforded to consumers through Chapter 7 and Chapter 13 bankruptcy protection. 

According to government statistics, most consumers choose to file for Chapter 7. However, before filing for bankruptcy, most consumers are required to receive credit counseling from an approved agency. 

If you or anyone you know is considering filing for bankruptcy, contact the Austin bankruptcy attorneys of Slater, Kennon, & Jameson, LLP, at 512-338-1100.

When companies file for Chapter 11 bankruptcy, they are able to take advantage of a number of bankruptcy provisions. For instance, Chapter 11 protection can allow a business owner to keep many business assets. 

By keeping these assets, a business owner can continue business operations. Also, Chapter 11 facilitates continuing business operations by allowing business owners to retain control of their business, cash flows, and revenues. 

If your business is considering filing for Chapter 11 bankruptcy protection, contact the Austin Chapter 11 lawyers of Slater, Kennon, & Jameson, LLP, at 512-338-1100.

Pilgrim's Pride Corporation will likely emerge from bankruptcy protection by the end of the month. According to a company statement, the company's reorganization plan was approved by the U.S. Bankruptcy Court for the Northern District of Texas. 

The company originally entered bankruptcy protection late last year. The bankruptcy was largely due to lower chicken prices and large debts. Under the reorganization plan, the company has sold a number of its plants and other assets. 

If your company is considering filing for bankruptcy protection, contact the Austin bankruptcy attorneys of Slater, Kennon, & Jameson, LLP, at 512-338-1100.

Individuals who file for bankruptcy once sometimes need to file for bankruptcy again. However, certain provisions stipulate whether these individuals can file for bankruptcy again.

According to most state laws, individuals can only file for bankruptcy once every seven years. This provision prevents bankruptcy filers from taking advantage of the benefits of bankruptcy protection. 

If you or anyone you know is considering filing for bankruptcy protection, contact the Austin bankruptcy lawyers of Slater, Kennon, & Jameson, LLP, at 512-338-1100. 

One of the advantages of being a limited partner is that his or her personal assets are protected from business claims. This means that debt collectors for a partnership cannot typically go after a limited partner's assets.

When a partnership files for bankruptcy, this provision typically holds. During bankruptcy filings, a limited partner's personal assets are typically protected creditors. However, in some circumstances, some personal assets may be seized, especially if the personal assets were used for a business purpose. 

If your partnership is considering a bankruptcy filing, contact the Austin commercial bankruptcy lawyers of Slater, Kennon, & Jameson, LLP, at 512-338-1100.

During a bankruptcy filing, many companies are able to defer paying back taxes. Along with this, many companies can delay any claims made by the IRS.

When companies file for bankruptcy, they are often in a financial position in which there may be disputes about their tax liabilities. For instance, the IRS may questions the compensation methods of a company that are meant to increase a company's assets or boost its net income. 

While a company may be able to delay these disputes, it will often be forced to face the IRS once it emerges from bankruptcy. When it faces the IRS, it will either need to settle the case or face the IRS in tax court. 

If your company is filing for bankruptcy and has questions about its IRS disputes, contact the Austin bankruptcy attorneys of Slater, Kennon, & Jameson at 512-338-1100.

In many cases, companies are often in debt when they file for bankruptcy. However, companies are not required to be in a position in which there assets cannot cover their liabilities.

In some cases, companies may have enough assets to cover their debts, but they are unable to repay their debts with these assets because the assets are not very liquid. 

This means that the assets cannot be converted into cash to repay the debts. Oftentimes, when a company is in this circumstance and files for bankruptcy, a bankruptcy court will order the company to forfeit many of its assets. 

If your company has questions about a potential bankruptcy filing, contact the Austin bankruptcy lawyers of Slater, Kennon, & Jameson, LLP, at 512-338-1100.