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.
