LeavenLaw: Serving Florida Since 1972
Making the decision to file for bankruptcy is difficult. However, in today’s economy, more and more businesses are facing the reality of overwhelming debt brought on by the real estate downfall or lost business. Consumers are tightening their belts and spending less money, and this can lead to a great deal of trouble for any type of company, large or small.
For over two decades, the lawyers at LeavenLaw have helped thousands of clients in bankruptcy proceedings in the Tampa Bay area. We are fully committed to representing our clients’ interests. Commercial bankruptcy proceedings are most often highly complex and can be difficult to deal with. By giving you the representation and personalized attention your case needs, we will fight to protect your company’s assets and help you reach an outcome that is the most beneficial to your future.
Types of Bankruptcy Available to Businesses
A business can file for bankruptcy under Chapter 7, Chapter 11, or Chapter 13 of the U.S. Bankruptcy Code. Determining which type of bankruptcy would work best for you will depend upon factors such as the size of your business, how much debt you owe, and your company’s assets.
Take a look at the options below:
- Chapter 7: This type of bankruptcy, also commonly referred to as a "straight bankruptcy," allows for the liquidation of the business’s assets to pay off debts. This is a good choice for businesses unable to pay their debts.
- Chapter 11: This type of bankrutpcy allows for the reorganization of a business’s debts. This might not be an ideal option for smaller businesses, but can be used effectively at times.
- Chapter 13: This type of bankruptcy allows your business to function while you pay back a portion of the debt that you owe over a set period of time. This is typically a preffered choice for small businesses.
Explore Your Options with a St. Petersburg Commercial Bankruptcy Attorney!
While individuals are not required to work with a legal professional to file for bankruptcy, a business must hire a bankruptcy attorney for representation through the process. It is important to talk to an experienced commercial bankruptcy lawyer if you are considering the possibility of bankruptcy. You will need to evaluate your situation and meet with your lawyer, financial advisors and board of trustees to determine whether you wish to try for reorganization or go through with a liquidation of assets. Filing for bankruptcy has many advantages as well as disadvantages that should be thoroughly explored.
Contact us to begin a free case evaluation!