Debt Relief For Florida Business Owners
Many small-business owners do not have to go the Chapter 11 route in order to get debt relief. They can reduce or completely discharge debts by filing a Chapter 13 or Chapter 7 consumer bankruptcy. In addition, a personal bankruptcy is far less costly than a Chapter 11 and it is less complicated as well. However, a small-business Chapter 11 bankruptcy is advisable in some situations.
Wellington Business Bankruptcy Lawyer Serving South Florida
At The Law Offices of John E. Mufson, we have a great deal of experience helping small-business owners in South Florida get debt relief. If you have unmanageable personal debts or business-related debts, we can help.
A Chapter 13 bankruptcy can help you reorganize your debts, while enabling you to retain ownership of your business. However, Chapter 13 is an option only for businesses held in a sole proprietorship, and that have less than $360,475 in unsecured debts and $1,081,400 in secured debts.
A Chapter 7 bankruptcy can enable you to cease operations and liquidate your business in an orderly way. Our firm can address the many issues that arise from a small-business Chapter 7, such as liquidation of inventory, timing in regard to tax liability, how to document assets and liabilities in a way that will satisfy the bankruptcy trustee, and others.
Whether your business is structured as a corporation, LLC or sole proprietorship, The Law Offices of John E. Mufson can help you. Our law firm will work diligently to achieve the optimal solution for you, one designed to reduce your debts to the greatest degree, while enabling you to keep as many assets as possible.