Tampa Florida Chapter 11 Bankruptcy Lawyer
Just wanted to post a quick overview of Chapter 11 Bankruptcy in Florida.
Call (813) 990-7944 if you would like to talk to an attorney.
If your Florida business is teetering on bankruptcy, then you are not alone. The market can take a down turn, you lose a few contracts, and the next thing you know, you are swamped in debt. It’s more common than you might think.
Fortunately, it is possible in Florida to get a fresh start with a Chapter 11 bankruptcy – also known as reorganization. Bankruptcy can help you reduce your debts and reorganize your financial affairs with a Chapter 11 bankruptcy.
Business Bankruptcy | Hotel Bankruptcy
A Chapter 11 filing is often the best way to handle a business bankruptcy or a hotel bankruptcy (common in Florida).
The goal of this type of bankruptcy is to allow both businesses and individuals to cut their debts, restructure their financial matters and increase profitability. At the same time, you are able to maintain control.
Small companies and large companies may use Chapter 11 to get reorganized and to still achieve many of their business goals. No matter what your end goals are, an experienced bankruptcy attorney in Tampa can help you decide if Chapter 11 is for you.
Overview of Reorganization Plan
At the core of Chapter 11 is the reorganization plan. This allows debtors access to vital tools to rearrange their financial affairs. For instance, the plan could allow you to reject some leases or contracts. This can help you to get out from underneath a long term lease or contract that is sinking you in debt. Also, a debtor under the reorganization plan might be able to restructure current loans.
Is Chapter 11 for Individuals?
Chapter 11 bankruptcy is more complex than other types. That is why it is usually used by business entities. In Florida, we find that many struggling hotels and theme parks opt for bankruptcy under Chapter 11. Generally, individuals will file under Chapter 7 or Chapter 13.
Call (813) 990-7944
Please contact us for more information. Deciding whether and which kind of bankruptcy to file is stressful. If you need the opinion of an experienced bankruptcy attorney about your case, please contact our Tampa, Florida office now for a no-obligation consultation.