Florida Attorney Helping Your Business With Debt Relief Options
Bankruptcy is a loaded term for many individuals and businesses. For most, it is a sign of failure, a stigma that represents the end of a seemingly excellent business idea.
However, filing for business bankruptcy is not the only debt relief option for many businesses. There are other ways to get out from under business debts while minimizing the financial fallout, such as negotiating with creditors to create a workout plan or initiating litigation to resolve disputes that have led to financial distress.
There are numerous reasons why a business would need to seek debt relief, including:
- Tax problems
- Errors in management or financing
- Market conditions
- Employment issues
- Revised regulations and municipal codes
At David W. Steen, PA, I understand the challenges businesses face when seeking answers for debt relief questions. I have more than 40 years of focused experience handling all types of business debt and financial crises in west-central Florida. I understand how to analyze your financial situation. Together we can draft a successful plan for the future of your business.
Why Would A Business Seek A Workout Plan And Other Legal Options?
Businesses face myriad challenges in the face of the nation’s changing economy. Seeking a workout plan with creditors or litigation of financial disputes can provide a business more control over their financial circumstances and the future of their business.
For example, even if a business qualifies for filing Chapter 7 bankruptcy, they may not wish to file. Chapter 7 bankruptcy often results in the closing of an enterprise because after the court discharges certain business debts, the company’s assets are subject to liquidation.
While Chapter 11 bankruptcy for businesses is not focused on complete discharge and liquidation, the business’s operation after the reorganization of debts and payment structures must occur under the supervision of a bankruptcy court trustee. The same goes for filing Chapter 12 business bankruptcy. Some find these options are not the best fit for their business.
These are just a few of the common reasons for a business to seek debt relief options outside of filing for Chapter 7, 11 or 12 bankruptcy. Regardless of the reasoning, working with an experienced attorney can provide a sound long-term solution for many businesses.
Contact David W. Steen, PA
Over the years, many of my clients have come to me by word-of-mouth referrals. I have helped hundreds of businesses achieve the debt relief they seek. Put my experience and knowledge to work for you. Schedule a free initial consultation to discuss your debt relief options by calling 813-359-1081 or by filling out my contact form.
David W. Steen, PA, is a debt relief agency. I help people file for bankruptcy relief under the U.S. Bankruptcy Code.