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Attorney counsels Florida business owners on bankruptcy options

A Florida business owner may pride himself on his expertise in his particular field. Whether he is a chef and restaurant owner with a knack for creating delicious dishes, a farmer or a fishing boat captain, every business owner possesses knowledge about his particular business.

What many business owners may not be familiar with, on the other hand, is the particulars of bankruptcy law. When a business owner is struggling financially and considering bankruptcy as a viable next step for his business, he may have numerous questions and concerns. He may find himself in an unfamiliar place - formerly the expert in his field, he now has many questions he cannot answer.

For a business owner who finds himself in such a situation, it is important to seek legal guidance. James H. Monroe can offer such guidance for business owners considering bankruptcy. Whether a small business owner is considering filing for Chapter 11 bankruptcy, as this blog reported in a previous post, or wishes to pursue a Chapter 7 filing, James H. Monroe can walk clients through the pros and cons of different forms of bankruptcy to help clients decide on the best option for their particular situation.

Business bankruptcy differs in scope than an individual bankruptcy filing. A business owner will need to consider whether he or she wishes to completely liquidate the business's assets, for which a Chapter 7 filing may be appropriate, or desires to pursue a business reorganization plan through a Chapter 11 filing. The owner of an agricultural business may have the option to file for Chapter 12 bankruptcy. Mr. Monroe can discuss with the family farmer his options for this particular form of bankruptcy.

For additional information about the services that Mr. Monroe can offer business owners, please visit our website.

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