How FL Business Owners Can Stay Afloat
While Chapter 13 bankruptcy is typically used by individuals who are faced with debt, it is also an option for small-business owners. Sole proprietors and general partners may use Chapter 13 bankruptcy to help their struggling businesses. Through the process, business owners can keep their businesses and repay their business debt over a period of three to five years.
There are limitations under Chapter 13, and for owners who want to close their businesses, this may not be the best option. At the Debt Relief Legal Group in Tampa, Florida, our Tampa bankruptcy attorneys can help you understand whether Chapter 13 bankruptcy is the right option for your business and can assist you through the process.
Filing Small-Business Bankruptcy in Florida
Chapter 13 for businesses works similarly to Chapter 13 for individuals. Generally, the bankruptcy will consolidate all of the debt into a repayment plan. This allows the business and its owner(s) to lower overall combined debt payments into an affordable amount. This, in turn, allows the business to continue to operate.
You may be able to save your equipment, furniture and other assets that help your business to function; eliminate some or all of your debt to vendors and other creditors, and restructure or reorganize your remaining debts into payment plans that you can afford.
Before you choose to undertake any option for your business, it is important to speak with an experienced Tampa bankruptcy lawyer and get the information you need to make an informed decision.
Debt Relief Legal Group Can Help
We know how important it is that you be able to keep the doors open at your business for as long as possible. The years of experience we have to offer may mean the difference between getting a fresh start and having to shut down forever.