West Texas Bankruptcy Attorney – AV Rated Preeminent – Martindale Hubbell – 2020
Charles Moster has served as a Chapter 11 bankruptcy attorney for over 34 years representing clients ranging from startups to multinational corporations and the United States government. He has extensive experience in the Oil and Gas Industry and heads the Firm’s practice area in Midland/Odessa at the Claydesta Center.
He had the privilege of representing the Economic Development Administration in many of the largest Chapter 11 bankruptcy cases litigated in the 1980’s including the LTV Steel Case in New York. Similarly, in the 1990’s as a Partner in a Washington, D.C. Law Firm, Mr. Moster represented numerous creditors including banking institutions, lessors, and secured creditors with respect to the array of huge retail store and airline bankruptcy case filings in New York, Chicago, and other areas including the following Chapter 11 proceedings: Macy’s, Woodward & Lothrop, Jamesway, and Eastern Airlines, among others. His published cases have contributed to the development of new case law in the area of Bankruptcy Rights.
West Texas Business Reorganization in the Coronavirus Era
Chapter 11 & Non-Bankruptcy Options for the Oil Industry in Midland, Odessa, and West Texas
Businesses throughout Texas are going through the most difficult economic times in our lifetime. No one would ever have thought that a pandemic would shut down the operations of most businesses and the layoff of millions of American workers. Markets and supply chains are destroyed. Store fronts, retail shops, almost everything is shut down. Our oil industry in Midland/Odessa and elsewhere is in crisis and shutting down given the lowest prices in history. Legal relief and a lifeline for the Oil Industry in Midland and Odessa is available, but you need to find experienced attorneys to assist.
Unfortunately, the debt is not shut down including bank loans, auto loans, credit cards, unemployment insurance, and the like. What happens to small, mid-size, and large businesses if you don’t have the cash flow to reopen? You have two options – (1) forge a voluntary restructure of your debt with your creditors so that your company has a chance to survive OR (2) consider a voluntary Chapter 11 bankruptcy reorganization. Let’s consider a Chapter 11 first. Chapter 11 Business Reorganization in Midland, Odessa, and West Texas
The Chapter 11 Bankruptcy process will allow businesses to substantially reduce most secured debt and payout a small percentage of the remaining unsecured debt. Lawsuits or potential lawsuits are stopped in their tracks and new and existing contracts can be rejected if they are no longer viable. Options are also available for the payment of other creditor claims including tax obligations and unemployment.
Mr. Moster has served as a Chapter 11 Bankruptcy attorney for over 34 years and has represented clients in many of the largest bankruptcy cases ever filed in the United States. He is the Senior Partner of the Moster Law Firm with seven locations to choose from across Texas. Find out how Chapter 11 could save your business investment now. Consultations are complimentary and virtual during this extraordinary period.
Voluntary Restructure of Debt in Midland, Odessa, and West Texas
Creditors have no obligation to consider restructuring or reducing the amount of debt you are carrying. That said, given the horrific economic conditions of the pandemic which are unprecedented, lenders and trade creditors may be willing to make concessions. If so, they need to be properly papered so they are enforceable. Our Firm can assist in a number of ways from opening up the negotiations with the creditors or lenders to drafting the implementing documents.
NEXT STEPS – COMPLEMENTARY CONSULTATION – VIRTUAL
Give us a call at 806.778.6486 to set up a Zoom Meeting with Mr. Moster to discuss your financial situation and options confidentially. Given the pandemic, our attorneys including Mr. Moster are working remotely until we are given permission by the Governor to return to our offices.
Free Consultation: 806.778.6486
Debt Relief Agency – Personal Bankruptcy Services for Lubbock, Amarillo, Midland, Odessa, & El Paso
We help people file for relief under the Bankruptcy Code in Lubbock, Amarillo, Midland, and Odessa. The bankruptcy laws offer powerful protection to immediately stop creditor harassment and collection and offer our clients a “fresh start”. Give us a call for a complimentary meeting and legal assessment. We are here to help.
We are just a phone call away: 806.778.6486
Mr. Moster has practiced in the area of bankruptcy law for over 34 years and offers that knowledge and experience to individuals facing serious financial challenges. The bankruptcy laws were designed to offer personal debtors a “fresh start” and protection from creditors including foreclosure, repossessions, bill collectors/harassment, and endless credit card debt. The two main options available to individuals include Chapter-7 Liquidation and Chapter 13 Reorganization. The Moster Law Firm will go over these options and help you decide whether bankruptcy is a viable option to address your challenges and if so, whether Chapter 7 or Chapter 13 is the best choice for you.
Chapter 7 – Liquidation for Individuals and Businesses in Midland, Odessa, & West Texas
This option allows you to immediately stop creditor actions against you and your assets. A properly filed Chapter 7 Bankruptcy Petition will stop pending foreclosures, repossession, dunning creditor calls/letters, and lawsuits. The purpose is to liquidate your assets for payment to creditors and to discharge – or wipe out – remaining unpaid debt – so that you can have a “fresh start”. It is a very powerful tool to change the realities of your economic life and relieve once and for all financial pressures. Not all debtors qualify for Chapter 7 relief as you must pass a “means test” along with other requirements. Our job is to advise you at your first meeting as to whether Chapter 7 is the right choice for you and can be utilized in your situation.
Chapter 13- Reorganization for Small Business and Individuals in Midland, Odessa, & West Texas
Chapter 13 allows you to keep your property while reorganizing your creditor obligations. A payment plan is created within the Chapter 13 process which allows you to restructure existing debt on your home mortgage and other secured and unsecured obligations. As with Chapter 7, it is a powerful tool which will immediately stop creditor actions and harassment from the moment a bankruptcy petition is filed.
Our job is to explain the Chapter 13 process in plain terms and advise whether it is right for you. We look forward to that opportunity.
Bankruptcy is an outstanding tool for protecting you from aggressive creditors and debt which has just gotten out of control. There are many misconceptions about how the Chapter 7 and Chapter 13 bankruptcy process works and this brief article is an attempt to make it clearer. Here are the key points:
1. Bankruptcy will stop creditor actions in their tracks.
What his means is that once the bankruptcy petition is filed in Court, a wall of sorts comes down to protect you from lawsuits, evictions, foreclosures, and even those nasty creditor calls. The wall is called the automatic stay and prevents lawsuits, evictions, foreclosures, and creditor calls from going forward. I know this personally because I helped develop the case law in this area way back in 1986 when I was a young bankruptcy lawyer in Washington, D.C. I’ve been around for awhile!
2. Are there limitations on the ability to file a Chapter 7?
Yes. New laws passed by Congress require you to take a Credit Counseling Course and get a certificate before you file. These courses typically take about 1.5 hours and cost less than $30.00. You can take the course with an approved online service at our office.
3. Are there any other limitations on filing a Chapter 7?
Yes. You must pass what is known as a “Needs Test”. What his means is that your income is less than the median (average) income for individuals/dependents in Texas. If the income is too high, a second part of the test allows you to deduct expenses which may bring the income down to the acceptable level to file. We will take care of that for you at our office without charge to make sure you qualify.
4. What happens next?
Once the Chapter 7 petition is filed, you will likely wipe out your debt in a no asset case which means that the value of your property including bank accounts is less than the claims you owe. Most Chapter 7 cases are no-asset. You can expect a wipe out of your debt at the end of the bankruptcy process which is known as a discharge.
5. Are there exceptions to getting your debt wiped out?
Yes. Certain debts are not allowed to be discharged under the bankruptcy laws which primarily relate to creditor claims based on fraud and some tax debt. The idea is that the laws protect “honest” debtors as envisioned by Congress. Also – some other items fit in this category. When we meet with our potential clients we can go over the list.
6. Can I keep certain property after I file for Bankruptcy?
Yes! Texas has some of the best exemptions which allow debtors to keep their homestead, cars, tools, and other critical items after filing. They are not subject to creditor claims. Critically, income you receive for wages is not part of the bankruptcy after filing in a Chapter 7 case.
7. What is the difference between a Chapter 7, 13, and 11?
A Chapter 7 means that you are going for a liquidation of your assets. Typically, there are no assets as described above. If there are some assets, they are potentially subject to payment to creditors.
A Chapter 13 is a personal reorganization which means that you are not going for a liquidation but structured payout of creditor claims over an extended period of time which is known as the Chapter 13 Plan.
A Chapter 11 is a business liquidation and allows for the restructuring of unsecured and secured claims. These cases can be complex. I had the opportunity back in the 90’s to develop key case law in this area.
8. How do I find out if a bankruptcy filing is right for me?
Simple answer. Gives us a call for a complimentary meeting at The Moster Law Firm. We will go over your personal financial situation and advise you as to whether a bankruptcy filing is recommended.
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Lubbock, TX 79414
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