Helping Small Businesses With Bankruptcy

The economic downturn has negatively affected businesses throughout Central Florida. Consumers have become careful with their spending, while financial institutions are reluctant to offer small-business loans. With the lack of cash flow, businesses are struggling to remain competitive.

If you own a small business or a family-run operation, you are likely also personally invested in the success of your company. Declining profit margins could affect you professionally and personally. At the law office of James H. Monroe, P.A., we offer more than 30 years of experience helping business owners throughout Orlando and Central Florida obtain debt and creditor relief.

Contact our law firm today to schedule a free initial office consultation. We will choose the right solution for protecting your personal and business interests.

Representing Business Owners In Bankruptcy

Business owners of limited liability companies (LLCs) or corporations often personally guarantee their company's debts. Often, the owners file bankruptcy individually. Through Chapter 7 bankruptcy or Chapter 13 bankruptcy, business owners personally obtain debt relief while continuing to operate their businesses. To determine if this is possible, a complete and careful study of the relationship between the owner and the business entity is required.

Filing for bankruptcy is a complicated process. Attorney James H. Monroe will help you determine the right debt relief solution, based on the nature of your debts and the structure of your company. When possible, we recommend that business owners file individually and avoid filing Chapter 7 business bankruptcy. Businesses that file for Chapter 7 are required to close, once the assets are liquidated and the proceeds are distributed to creditors.

Handling Your Business Bankruptcy

Chapter 11 bankruptcy is designed for corporations, LLCs and partnerships and individuals with a significant amount of debt and income. This is a complicated process requiring businesses and individuals who file for Chapter 11 to work with creditors in reorganizing and restructuring their debts. Once the bankruptcy process is complete, the business continues to operate and the individuals can discharge a substantial amount of debt.

We also represent sole proprietors with small-business bankruptcy concerns. Through Chapter 13 bankruptcy, sole proprietors work with their attorney to create a plan focused on restructuring and consolidating their debts. The creditors must accept the plan, after certain legal standards are met.

To learn more about Chapter 11 versus Chapter 13 bankruptcy, click here .

Contact Our Attorneys Today

If the poor economy has limited your company's ability to turn a profit, filing for bankruptcy may be your best option. Call 407-917-4147 or contact us online to schedule a free initial office consultation with an experienced small-business bankruptcy attorney.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.