Many small businesses in Florida struggle to keep their doors open during economic downturns. They want to save their business, but a traditional Chapter 11 bankruptcy may fail to meet their needs. Those who haven't been able to benefit from a Chapter 11 and were left...
Year: 2021
What happens to your business’s lease in bankruptcy?
If you have reached the point where you want to file bankruptcy for your business, you may not be able to cover all of your costs every month. Especially if you can no longer operate the company as you once did, choosing to close your physical location might be a...
Will your employees’ wages be paid in a Chapter 7 business bankruptcy?
One of the worst things about a business bankruptcy is letting down your employees, some of whom may have been with you since its inception. But reality must be dealt with, and the answer to that question is that they likely will not receive the wages they are owed...
Negotiating for your first commercial lease? Read this first
Your business has been thriving -- and it’s outgrown your kitchen, garage or home office. It’s time to get your first commercial lease. Be careful, however. Residential renters enjoy legal protections that commercial renters don’t. In general, commercial landlords and...
Does bankruptcy mean you have to close your company’s doors?
The general public often assumes that a business bankruptcy is the same as closing a business. There are various terms used, from “going under” to “shutting down," but the implication is usually the same: The company has failed, and bankruptcy is just one step on the...
Avoiding preference claims in your business bankruptcy
Even though your business is facing bankruptcy, you hope to rebuild. You have a plan in place, and you expect to come out of the process better than before. A preference claim from the trustee in your bankruptcy case could pose a serious issue, however. Understanding...
Why more doctors are filing for bankruptcy
When you were pulling all-nighters in medical school and working round-the-clock shifts during your residency, you probably never expected that once you had an established practice, you could face financial problems. Even if you were never in the medical field for the...
When can creditors come after you as the business owner?
You take on a lot of risk when you start a business. You often have to leave your job or cut back your efforts at career development to focus on the new company. You invest your time and money in something that may never repay your efforts. Even your personal...
Breaking one key stereotype about bankruptcy
Filing for bankruptcy for your business should not be controversial. You make many financial decisions every day, using the tools that have been provided for you. Bankruptcy is one such tool, and you can use it if it will help your company in the future. Businesses...
Tools of the trade are protected in bankruptcy
You started your own home remodeling company a few years back. It’s now fallen on financial hard times. You don’t want to close your doors, but you do want to use bankruptcy to restructure your debt. You’ve learned a lot and identified early financial mistakes, and...