Fort Lauderdale Corporate Bankruptcy Attorney
What Are Your Business Objectives in Bankruptcy?
When a business is in financial crisis leading to bankruptcy, business owners must make important decisions regarding the future of the business. Is it possible to restructure the business in a manner that it can get out of debt and become profitable once again? Or is it time to close the business down and move on? Consulting with an experienced bankruptcy attorney who has comprehensive understanding of business bankruptcy law is critical to the overall success of your debt relief solution.
Fort Lauderdale corporate bankruptcy lawyer Sherri B. Simpson has more than 20 years of legal experience representing clients in Broward County and Palm Beach County, Florida, and over 15 years of experience as a bankruptcy and foreclosure attorney. Not only does she offer thorough understanding of corporate bankruptcy, she also has the business acumen necessary to thoroughly understand the financial problems and business objectives of clients. Call our South Florida law firm or e-mail us now to arrange a free consultation.
Providing Straightforward Advice About Corporate Bankruptcy Solutions
Corporations can file for a Chapter 7 bankruptcy (liquidation) or Chapter 11 bankruptcy (reorganization). Factors such as the amount and type of secured verses unsecured liabilities, the types of business properties and assets, the stability of business cash flow and other aspects of the business' financial structure can play a critical role in determining an appropriate debt relief solution.
Walking Away With a Chapter 7 Corporate Bankruptcy
Some business ideas don't work out as planned. In the current economy, even formerly thriving businesses can fail due to loss of significant accounts, market fluctuations, burdensome property loan obligations, unmanageable business expenses or many other reasons. Chapter 7 corporate bankruptcy provides businesses with an orderly method to close the business, discharge debt obligations and minimize exposure to future liability.
In a Chapter 7 business bankruptcy, your home and personal are generally protected as business and personal bankruptcy are separate. Business assets are liquidated (sold) to pay certain creditors and the business closes for good. Business debts are discharged and the business cannot face further legal liability for such debts. Florida business bankruptcy attorney Sherri B. Simpson can help you determine if a Chapter 7 bankruptcy is right for your situation and goals.
Restructure Business Debt With a Palm Beach and Broward County Chapter 11 Lawyer
Chapter 11 bankruptcy (which is often referred to as a Chapter 11 reorganization or restructure) enables corporations to continue business operations as they consolidate debt and restructure the business in a manner that will enable it to become profitable. Chapter 11 bankruptcy is complex, expensive and high profile, and it requires agreement of all creditors and the bankruptcy court. Attorney Sherri B. Simpson has sophisticated knowledge of Chapter 11 bankruptcy laws and is able to guide clients on when a Chapter 11 bankruptcy is appropriate as well as guide them through the process.
Under a Chapter 11 bankruptcy, a corporation can stop collection lawsuits, stop foreclosure on business properties, stop loan default interest/penalty fees from accumulating and stop other creditor actions against the business. Businesses can deal with tax debt, defaulted loan obligations and other debt into a repayment plan and continue business operations without business asset seizure or other creditor interference throughout the duration of the repayment plan. At the close of the repayment period, the goal is that the financial stability of the business is restored.
Can I Keep My Company in Bankruptcy?
Under most circumstances, it is possible for business owners to save an insolvent business, even when filing for bankruptcy. However, due to the complexity of bankruptcy rules, it is critical to work with an experienced and successful business bankruptcy attorney to make sure the bankruptcy is done correctly — so as not to expose the business or business owners to future liability.
Our law firm will work with you to guide you through the legal process so that you can regain financial health, regardless of whether business operations are continued or the business shuts down.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.