Even in Chapter 11 Indviduals who file a personal bankruptcy must have credit counseling

Let’s say you have a corporation that needs to reorganize. You personally guaranteed the loans and you are looking at filing both a corporate chapter 11 and one for yourself to protect yourself from being sued by the lender. It may be surprising to you, but you actually need to have credit counseling just as if you were a person with consumer debts who file.

The good news is that there is Hummingbird a credit counseling agency in North Carolina run a by a former consumer bankruptcy attorney. They will treat you right. It is an hour or so online and a ten minute phone call and you are done.

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Before a Texas Corporation Can File for Bankruptcy the Board of Directors Must Sign a Unanimous Resolution

A Texas corporation can only file bankruptcy if a resolution is signed by all members of a the board of directors.  Other than calling a special meeting of the board of directors which there is seldom time to do, the unanimous resolution is needed for the corporation to have the authority to file.  The first thing to do is to go over the articles of incorporation and all subsequent documents appointing members of the board of directors to make sure there are no others.  Note that there can be officers such as President, CEO, and Secretary who are not directors.  Just make sure all directors have signed the resolution.  A simple one page form that I have is sufficient.  If the corporation is organized under the laws of another state then the requirements can be different so check with an attorney such as myself for specific requirements.

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