Bankruptcy Allows Businesses to Continue to Operate

One of the benefits of filing for bankruptcy is that the business can remain open while it goes through reorganization. For example, the Poblano Grill in Beaumont, Texas recently filed for Chapter 11 bankruptcy. This will allow the restaurant to remain open while reorganizing.

The grill filed the bankruptcy in the U.S. Bankruptcy Court in the Eastern District of Texas. The filing listed 15 creditors, who are owed more than $1.3 million.

The bankruptcy was necessitated by a lawsuit filed by one of the creditors, SBAlliance Capital. SBAlliance Capital filed its lawsuit against the grill in April alleging that Poblano Grill defaulted on its monthly rental payments and now owes more than $300,000.

Disclaimer: The foregoing is general legal information only and not intended to serve as legal advice or a substitute for legal advice. If you are considering bankruptcy go to www.ContingencyCase.com to see if there is a lawyer or attorney in your local area who is willing to take your case on a contingency fee basis. ContingencyCase.com is an online legal directory that allows Attorneys to advertise their availability to take all kinds of cases on a contingency fee basis (for example personal injury, eminent domain, contract cases, partnership disputes, etc.). Please note there are no guarantees that any attorney or lawyer will take your case. Copyright 2009 ContingencyCase.com – All Rights Reserved.