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SURPRISING FLORIDA BUSINESS BANKRUPTCY FACTS
One of the issues that take financially strapped Florida businesses by surprise is that creditors can actually request that a business file for Chapter 7 bankruptcy or Chapter 11 bankruptcy. This is called an involuntary bankruptcy. In these cases, creditors (usually 3 or more) will initiate bankruptcy because the business cannot pay its bills. Another thing that surprises businesses is that if the business is classified as a sole proprietor, their personal assets can be used to pay debts. So do not delay in getting qualified Florida bankruptcy legal representation early so you can mitigate these not-so-pleasant surprises.
COMPLETE LIQUIDATION - BUSINESS CHAPTER 7 BANKRUPTCIES
Business Chapter 7 bankruptcy is a process of liquidation of business assets because the business cannot pay debts. Under Chapter 7, a trustee is appointed to oversee the sale of all business assets, which are distributed to creditors.
RESTRUCTURING – BUSINESS CHAPTER 11 BANKRUTPCIES
In a Business Chapter 11 bankruptcy, a business may declare bankruptcy but continue to operate under the direction of a court-appointed trustee. This type of business bankruptcy is referred to as a reorganization because the trustee will reorganize the business to be more efficient, and therefore, able to pay their creditors.
GET HELP NOW TO MINIMIZE LATER DAMAGE
In business, it is important to seek out legal assistance as soon as financial problems are recognized. It is important to work with an experienced and qualified Florida business bankruptcy attorney. As the lead Florida bankruptcy attorney at DeLoach & Hofstra, Colin A. Colgan is an experienced attorney and Florida Certified public Accountant. He has the compassion, analytical skills, and experience to properly assess your situation and counsel you toward an appropriate financial plan. Contact him today if you are considering filing personal bankruptcy.
In The Know: Before Starting A Florida Business Bankruptcy
- Educate yourself about the Florida business bankruptcy process.
- Explore business bankruptcy alternatives.
- Make a list of what you owe and gather all financial paperwork.
- Contact an experienced Florida bankruptcy attorney.
Certified CPA + Experienced Attorney = Real Bankruptcy Solutions
Our lead bankruptcy attorney Colin A. Colgen, is also a Certified Public Accountant. This means that he is in the best possible position to guide you through the Florida bankruptcy process. He also has the resources at his disposal to conduct the process quickly and efficiently. Call our office today at 727-835-5502 or use the form on the right to request a free consultation with Colin to get started on your road to a fresh start.
