Small Businesses Re-Organize to Pay Off Debt
Like many consumers, Florida businesses also been affected by the recent financial crisis. While some businesses closed their doors others sought refuge in Chapter 11 Bankruptcy.
The process for filing a Chapter 11 bankruptcy is similar to a Chapter 13 bankruptcy. The business debtor files a plan to restructure and pay off debt. Some small businesses shy away from Chapter 11 because it requires time, effort and expertise to create the plan. A successful Chapter 11 reorganization includes a plan that eliminates some debts and presents a plan to repay other debts. Ultimately the bankruptcy judge must approve the plan. Presenting a well structured plan that offers a realistic prospect for the survival of the business is the primary goal in a Chapter 11.
If your business is struggling with debt, our experienced attorneys can negotiate with your lenders or guide you through the bankruptcy process.