Filing for bankruptcy is often the final resort to addressing overwhelming debt. In Chapter 7 cases, debtors can find help organizing their assets and relieving specific loan types based on their circumstances. This option can also help them receive discharge releases...
Chapter 7
How does filing for Chapter 7 affect your employees’ 401(k)?
As a business owner considering Chapter 7 bankruptcy, you might feel concerned about your employees' future — particularly their 401(k) plans. Bankruptcy does have implications for these defined contribution plans. But fortunately, government protections exist for...
A business’ situation dictates which bankruptcy chapter to use
Florida businesses will inevitably have their ups and downs. If there are financial issues and bankruptcy is needed, it is important to have an idea of the preferable option based on the circumstances. This is when it is important to know whether the business can...
Are you considering rebuilding your business after bankruptcy?
Reviving your business following Chapter 7 bankruptcy presents challenges. You're likely to encounter various challenges along the way. These challenges may include issues about your credit status, business funding and court regulations. However, while this path may...
Sharing bankruptcy news with employees
When you decide to file for bankruptcy to avoid further debt or reorganize your business, you are required to inform your employees, which will likely cause specific concerns. It's important to understand the best methods to share this news with your employees and to...
What to avoid when your company files for bankruptcy
Sometimes when business owners are going through bankruptcy, they end up making errors that can affect the outcome of the filing. Business owners, particularly small to midsized businesses where the owners are often the operators, take the financial failures of the...
Important considerations when filing for business bankruptcy
Filing for bankruptcy is one of the options that businesses can pursue when struggling to meet their financial obligations. It can provide an avenue for companies to liquidate their assets and pay creditors or reorganize the business to allow them to pay off these...
Filing bankruptcy as an LLC may not protect all your assets
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...
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...