Texas Attorney’s Bankruptcy Saga Takes a Dramatic Turn: From Chapter 11 to Chapter 7 Liquidation
AUSTIN, Texas — A prominent attorney specializing in mass torts has agreed to convert his Chapter 11 bankruptcy filing into a Chapter 7 liquidation, a move prompted by his reported debts amounting to hundreds of millions of dollars owed to litigation funders. This shift signals a significant change in the financial landscape for the attorney, whose bankruptcy proceedings have drawn considerable attention. The attorney’s decision came amid mounting pressure from creditors and an inability to reach a viable restructuring plan under Chapter 11. By opting for Chapter 7, he will initiate a process that allows … Read more