ORLANDO BUSINESS BANKRUPTCY LAWYER
PROTECTING YOUR BUSINESS IN BANKRUPTCY
The continuing economical struggle in the U.S. has continued to take its toll on small and large business owners alike. If you are no longer able to stay on top of the bills and keep your business running, it’s time to speak with an Orlando bankruptcy attorney to discuss your options. Bankruptcy is certainly not what you hoped for your business, but it could be more beneficial than you might realize. The ultimate goal is to eliminate the business debts that you are unable to repay, which can open up a free and hopeful financial future for you and possibly for your business, as well.
TYPES OF BUSINESS BANKRUPTCY
As a business, you may qualify for one of two types of bankruptcy. The first is Chapter 7 liquidation bankruptcy, which is only available to businesses who cannot afford to repay their debt in any capacity. All business property and assets will be handed over to a trustee to be liquidated and used as repayment of the debt, after which the remainder is discharged. Once Chapter 7 bankruptcy is complete, the business will close.
Chapter 11 reorganization bankruptcy is a much more desirable option for businesses because it allows you to remain in business while your debts are reorganized. Instead of liquidating your business assets, you will sit down with all of your lenders and work out a payment plan that is affordable. You will then continue to make payments every month while your business remains open and running. When the term of the payment plan is over, the remainder of your debt will be discharged and you will be able to start over.
HIRE A BANKRUPTCY ATTORNEY IN ORLANDO, FLORIDA
The sooner you retain legal counsel, the better. Fisher Legal Group can help you prepare for the means test to determine whether or not you are eligible for Chapter 11. We can also work with your lender to modify your loans or to agree upon a fair payment plan for Chapter 11 bankruptcy. Our firm provides outstanding customer service and an excellent work product. We approach each case individually and keep our clients involved as we work toward the best possible outcome. Fill out our free case evaluation form today to contact a lawyer and find out more!
Get your questions answered - Call for a free consultation or assessment of your needs (407) 792-6970.