San Antonio Hotel Bankruptcy Attorneys
Hotels are often family-run, providing a place for the owners to live and work. When a hotel owner is unable to pay the bills and is facing bankruptcy, not only does the owner risk losing income, he or she may also risk losing a home.
Regardless of whether your hotel is family-owned, you need an attorney who can work quickly to safeguard your investment and provide you with the advice you need about your debt relief options. The Smeberg Law Firm is committed to helping individuals, families and businesses who are facing bankruptcy. We can help you develop a debt relief solution tailored to your needs and your goals. Contact us to schedule a free consultation with a San Antonio hotel bankruptcy lawyer to discuss the future of your hotel.
Hotels and Single-Asset Bankruptcies in Texas
In cases involving single-asset real estate (SARE), a bankruptcy will be subject to unique rules and special restrictions. Single-asset real estate is property, such as a hotel, that generates a substantial portion of the debtor's income. In this type of bankruptcy, the debtor must either:
Have a reorganization plan in place that is likely to be confirmed within 90 days of the order of relief or within 30 days after the court determines that the bankruptcy is subject to the special SARE provisions of the Bankruptcy Code
Start paying interest at the contracted rate each month
Since these bankruptcies move quickly, it is important to have an attorney working diligently on the case immediately. We can guide you through this process to create a payment plan to pay your debts, avoid foreclosure and reorganize your hotel business through Chapter 11.
We have experience helping businesses through the Chapter 11 process and can assist you with finding a debt relief solution for your hotel. Contact us to learn more about debt relief for hotel owners, business bankruptcy and debt restructuring.