If your LLC fails, you may choose to file for bankruptcy. While this offers some level of protection, an LLC bankruptcy filing only protects personal assets against creditors, meaning business assets are not immune to liability. It's important to understand which...
Chapter 7
What happens to your LLC or partnership if one partner files for bankruptcy?
In Florida, an LLC or partnership can be forced to dissolve or reorganize if one partner files for bankruptcy. However, the court will work with the remaining partner to ensure that the business continues to run smoothly while the bankrupt partner works their way out...
4 Reasons your Chapter 7 business bankruptcy case might be rejected
Chapter 7 bankruptcy is a way for many businesses to get a "fresh start," but your plan can be dismissed by the court if the reason behind your filing doesn't meet the standards set forth by the courts. It's important to know what can cause your chapter 7 bankruptcy...
The advantages and disadvantages of a Chapter 7 filing in Florida
Running your own small to medium-sized business is no easy task. Success is a matter of attracting a dedicated customer base while navigating state and local laws. Being an entrepreneur means embracing these complexities while finding ways to remain solvent no matter...
The role of a trustee in Chapter 7 and Chapter 13 bankruptcy cases
Almost every consumer bankruptcy case has a bankruptcy trustee or an administrator with different roles and obligations. The court usually appoints the trustee, who plays a significant role in overseeing the debtor's bankruptcy estate in a bankruptcy case. According...
Chapter 7 bankruptcy for business owners
Chapter 7 bankruptcy is an important tool for people facing insurmountable debt. When the monthly costs and expenses exceed the monthly income, when collectors are calling regularly and when you are trying every month to figure out which bills not to pay in order to...
Why do people file for bankruptcy when their business closes?
When many people start a business, they don't want to have personal liability for the company's debts or lawsuits. An LLC or corporation prevents creditors or those injured by defective products from bringing claims against you, your assets or your future income....
How do you know which kind of bankruptcy to choose?
2020 has been a tough year, and it is safe to say that many businesses have struggled with a failing economy. If your business has created debts but is not bringing in the income you expected, then you may be in a position where you are looking into bankruptcy. As a...
What are the basics of Chapter 7 business bankruptcy?
If your business is in trouble, you may need to file for bankruptcy. The exact benefits and consequences of bankruptcy are somewhat different from chapter to chapter. Many businesses that are facing insurmountable debt opt for Chapter 7, or liquidation bankruptcy. The...
Which form of bankruptcy is better for my business?
Bankruptcy is a viable, honest means of giving your business a fresh start. Of course, it may not be the right fit for every business in financial turmoil. You would need to speak with your attorney or an otherwise qualified expert to know for sure. Common forms of...