Texas Wesleyan Law Review

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The following paper is meant as a general introduction to bankruptcy considerations for non-bankruptcy attorneys in Texas. It is common for non-bankruptcy attorneys (and sometimes bankruptcy attorneys) to comment on the perceived counterintuitive nature of bankruptcy cases and the Bankruptcy Code. This may be due to the shifted responsibilities of the debtor as debtor-in-possession and the overall goal of pro rata distribution to creditors. Regardless, entry into the world of bankruptcy can be somewhat complicated and should be approached with care. This is especially true in the context of an oil and gas bankruptcy where the intersection of state property law and federal bankruptcy law is combined with multiple layers of creditor constituencies and interests. This paper will focus on considerations within a chapter 11 corporate restructuring oil and gas case. These types of cases tend to be quite complex and any actions taken within such a case should be carefully considered. This is distinguished from a chapter 7 liquidation which, while not dissimilar, will have numerous material differences.



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