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Orlando Business Debt Reorganization Attorney

Certain businesses are eligible to file Chapter 11 bankruptcy, also known as a business debt reorganization. This type of bankruptcy allows a business to maintain operations, but the business itself is placed under the jurisdiction of the Federal Bankruptcy Court. For businesses that are eligible, a Chapter 11 bankruptcy has many benefits, but there are also some drawbacks. Below, our Orlando business debt reorganization attorney explains more about the process.

How Chapter 11 Bankruptcy Works

Chapter 11 bankruptcy is considered the most complex type of bankruptcy case. It is also the most costly. Due to this, if your business has significant debt, it is important to understand all of your options before filing Chapter 11 bankruptcy.

During Chapter 11 bankruptcy, the bankruptcy court allows a business to reorganize their debts and obligations into a reorganization plan. The plan can include many elements including downsizing the company to reduce your expenses, renegotiating the debts of the business, and liquidating certain assets of the business to repay creditors. As long as the reorganization plan is practical and fair, the bankruptcy court will likely approve it.

Benefits of Filing Chapter 11 Bankruptcy

The biggest benefit of filing Chapter 11 is that the business can continue operations while creating the reorganization plan and when moving forward. This allows a business to generate revenue that can help the business owner repay debts. The bankruptcy court will also issue an automatic stay, which prohibits creditors from pursuing debt collection from the business until the reorganization is complete. The majority of creditors are very open to Chapter 11 bankruptcies because they view it as a means of recouping most, if not all, of the debt owed to them.

Drawbacks of Filing Chapter 11 Bankruptcy

Chapter 11 bankruptcy is the most complex type of bankruptcy. It is also quite expensive, particularly for the court proceedings. If your business is struggling and you are considering filing Chapter 11, the legal costs alone may be very difficult to manage. The bankruptcy court must also approve all reorganization plans to ensure they are practical and manageable to ensure that you can repay the debts. For these reasons, it is critical that you explore all of your options before filing. Speaking to an Orlando business reorganization attorney can help you better understand those options so you can make an informed decision.

Our Business Debt Reorganization Attorney in Orlando Can Help with the Chapter 11 Process

If your business has significant debt and you are struggling to repay it, Chapter 11 may help you reorganize your assets, debts, and business affairs. However, this legal option is not for everyone. At Florida Law Advisers, P.A., our Orlando business debt reorganization attorney can explain all of your legal options so you can do what is best for you and your business. Call us now at 1 (800) 990-7763 or fill out our online form to schedule a consultation with one of our experienced attorneys and to learn more about how we can help with your case.

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Tampa, Florida
Florida Law Advisers, P.A.

Tampa, Florida
1120 E Kennedy Blvd, Unit 231
Tampa, FL 33602
Phone: (800) 990-7763

Orlando, Florida
Florida Law Advisers, P.A.

Orlando, Florida
111 N Orange Ave, Suite 800
Orlando, FL 32801
Phone: (800) 990-7763

Dade City, Florida
Florida Law Advisers, P.A.

Dade City, Florida
38100 Meridian Ave
Dade City, FL 33525
Phone: (800) 990-7763