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Fewer business bankruptcies in parts of Florida so far this year

The major economic storm that hit the United States over the last several years is just beginning to clear with respect to businesses, which were greatly impacted. The slow but steady rebound in the economy is allowing for businesses in Orlando to not only resolve their business debts in a positive and fruitful way, but it is also allowing businesses to thrive. Over the past several years the economy has not been conducive for this type of positive business growth and as a result many businesses had to shut down or file for bankruptcy as a way to cope with the overall economic climate. Some companies were able to weather the storm while others were not so lucky.

In South Florida specifically, there has been a stark decrease in the number of bankruptcies that have been filed compared to what was happening in the business community a few years back. This change is attributable to the surging economic market, pointedly the real estate market. Much of South Florida has been able to weather the storm and stave off bankruptcy concerns. In this particular area, the economy has made a turn for the better. Hopefully that trend will continue throughout the rest of Florida.

Although this is a good sign for Florida, many businesses are still dealing with situations where business bankruptcy may be the only option for saving their business. That is the reality for a number of business owners. When facing a problem such as this, there are options, albeit limited in some cases, to save one's business. There are specific types of bankruptcies aimed at assisting businesses, whether large or small, in reorganizing their finances so that the company can stay in business.

Bankruptcy can be a helpful tool for many kinds of business situations.

Source: Miami Today, "Business bankruptcies nosedive," Susan Danseyar, April 22, 2015

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