Rachael L. Smiley

Bankruptcy Attorney / Shareholder

Rachael L. Smiley brings more than a decade of legal experience to FBFK, with expertise in all steps of the Chapter 11 reorganization process, including asset sales, plan confirmation, and post-confirmation plan administration.  She has experience litigating a variety of disputes, including contested matters and adversary proceedings, that arise in or are related to bankruptcy cases, such as valuation disputes, claim objections and avoidance actions.

Prior to joining FBFK, Ms. Smiley was an attorney at the firm of Ross & Smith, where she focused on complex bankruptcy matters. Before that, she held a position in the Office of Supply Chain Management at UT Southwestern Medical Center from 2014 to 2017, where she negotiated and drafted business agreements on behalf of the University and its hospitals, and gained valuable insight into the complex and highly-specialized financial and procurement systems that support the healthcare industry.

Predating her role at UT Southwestern, Ms. Smiley was an associate in the Dallas offices of Gardere Wynne Sewell, LLP from 2011 to 2014, and Stuzman, Bromberg, Esserman & Plifka from 2008 to 2011, where she represented debtors, secured and unsecured creditors, trustees and committees in bankruptcy matters.

Ms. Smiley is an avid reader and enthusiastic supporter of the fine arts, and taught Art History and English at Fort Worth Country Day School in Ft. Worth, Texas prior to beginning her legal career.


Representative Engagements

  • Represented the Office of the Commissioner of Baseball in Texas Rangers Baseball Partners’ bankruptcy
  • Represented the Future Claimants Representative in General Motors’ bankruptcy
  • Represented the Asbestos Claimants’ Committee in ASARCO, LLC’s bankruptcy
  • Represented the senior secured lender in a Chapter 15 matter regarding the enforceability of Mexican corporation’s plan of reorganization against U.S. creditors
  • Represented a national real estate lender in strategies to address non-performing commercial and residential loans, both in and outside of bankruptcy
  • Represented the Commonwealth of Pennsylvania in the chapter 11 reorganization of Think Finance, an online consumer lender alleged to have violated consumer lending laws
  • Represented the chapter 11 trustee litigation related to the liquidation of assets of a real estate holding company that was determined to be a Ponzi-like scheme in order to return value to defrauded investors
  • Representing the Official Committee of Unsecured Creditors in the reorganization of an international manufacturer of toy and hobby-grade drones and related devices where the Committee was the successful plan proponent
  • Represented a manufacturer of medical automated ventilators in a successful chapter 11 reorganization
  • Represented numerous small- and midsized businesses and landlords in successful out-of-court restructurings and workouts
  • Represented the creditors committee in a successful chapter 11 reorganization of a major hospital association in New Mexico
  • Represented the Debtors in a complex hotel and restaurant chapter 11 reorganization in East Texas


2500 Dallas Pkwy, Suite 600

Plano, TX 75093



Rachael L. Smiley

Chapter 11 Reorganization

Bankruptcy Litigation



Southern Methodist University
Dedman School of Law, Dallas, TX

  • Juris Doctor, cum laude, 2008
  • Order of the Barristers; Phi Delta Phi


Texas Christian University, Fort Worth, TX

  • Bachelor of Arts, Art History, magna cum laude,1999
  • Phi Beta Kappa
Admitted to Practice


  • State Bar of Texas
  • United States District and Bankruptcy Courts for the Northern, Southern, Eastern, and Western Districts of Texas


Affiliations and Involvement


  • Life Fellow, Dallas Bar Foundation
  • Member, John C. Ford American Inn of Court
  • Member, Dallas Bar Association, Bankruptcy and Commercial Law Section
  • Member, American Bankruptcy Institute
  • Member, International Women’s Insolvency & Restructuring Confederation (IWIRC), and Chair (2019) of the DFW Network
  • Board Member, Women’s Finance Exchange of Dallas (WFE)
  • Global Executive Board Member, Turnaround Management Association (TMA)
  • Board Member and immediate past President (2019), TMA DFW chapter
  • Past President, DFW Association of Young Bankruptcy Lawyers (DAYBL)
  • Certified Texas Contract Manager (CTCM) by the Texas Comptroller of Public Accounts




  • BestLawyers “One to Watch” in 2021 for Insolvency and Reorganization Law
  • Dallas Bar Association “WE LEAD” Women’s Leadership class of 2020
  • Super Lawyers “Rising Stars” for business bankruptcy in 2018
  • John C. Ford American Inn of Court, Rochelle Chapter 11 Course,
    • John King “Rookie of the Year” Award, 2009
  • Elliott Cup 5th Circuit Bankruptcy Moot Court Competition – 2008 Champion
  • Duberstein National Bankruptcy Moot Court Competition – 2008 Finalist (2nd Place) and Outstanding Oral Advocate




“What if We Held an Equity Auction and No One Came?,” American Bankruptcy Institute Journal, August 2018, Vol. 37, No. 8.



Ms. Smiley has made presentations to professionals and students on a number of topics, including restructuring, insolvency and contract management, at numerous educational and professional organizations in the DFW area:

  • Southern Methodist University Cox School of Business
  • Dallas Bar Association, Bankruptcy and Commercial Law Section
  • Tarrant County Bar Association Bankruptcy Section
  • University of Texas McCombs School of Business, Dallas-Fort Worth MBA Program
  • University of Texas at Dallas Jindal School of Management
  • Healthcare Financial Management Association, Lone Star Chapter