On October 18^th, 2010, candle manufacturer Seda France Inc. filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The filing came only 4 days after a lawsuit filed in Harris County District Court by the venture capital firm Aegis Texas Venture Fund II LP against Robert Hernandez, the founder and CEO of Seda France. The suit was filed for a failure to repay a loan. In their bankruptcy filing, Seda France listed $1.5 million in assets against $2.5 million in debt. $1.8 million is owed to Aegis from an initial loan that totaled $2.5 million.

Bankruptcy may offer virtually any debtor much-needed relief from overwhelming debt. Chapter 11 is a form of bankruptcy similar to Chapter 13 that allows a debtor to pay off a portion or all debt under an approved repayment plan with the protection of the Bankruptcy Court.

If you are interested in discussing your options in filing for bankruptcy and would like to learn more about this important topic, the Malaise Law Firm can help. We offer knowledgeable legal counsel and personalized service to offer our clients the greatest opportunity at a positive case resolution. We handle bankruptcy filings for clients throughout Houston and all of Texas.

Contact a Houston Bankruptcy Lawyer at our offices today.