Chapter 11 is not just reserved for businesses. Individuals may also be eligible to file for Chapter 11 bankruptcy, however, in most cases Chapter 7 or Chapter 13 bankruptcy will be a better solution for individuals. Both Chapter 7 and Chapter 13 are less expensive and time consuming than Chapter 11 bankruptcy. Business are eligible to file for Chapter 7 bankruptcy, but are not permitted to file for Chapter 13. Therefore, if a company wants to restructure rather than liquidate its assets, it should file for Chapter 11 instead of Chapter 7, which is a liquidation bankruptcy.
Consult With a Bankruptcy Lawyer in the Tampa Bay Area Today
If you or your business are experiencing financial hardship you should contact a Tampa bankruptcy attorney at our firm to learn more about the solutions that may be available to you. At Florida Law Advisers, P.A,. our professional legal team will work closely with you to develop a comprehensive legal strategy to help alleviate your financial stress. We are experienced and skilled in all bankruptcy matters and are dedicated to helping our clients regain their financial health. We strive to provide our clients with long-term solutions, not just temporary relief that does not solve the underlying debt problem. For more information on how we can help please contact us to schedule a free consultation with bankruptcy attorney at our firm.