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Florida attorney guides clients in business reorganization

Bankruptcy may be a daunting word for some Florida business owners, but that does not have to be the case. Armed with clear knowledge of what bankruptcy entails, and with an advocate on your side, bankruptcy can be a smooth and positive experience. As this blog reported in a previous post, there are many factors that a business owner should consider before filing for business bankruptcy.

One factor that business owners should understand is what reorganization under Chapter 11 bankruptcy entails. Simply put, through a business reorganization, a business aims to develop a payment plan to restructure, or reorganize, its debts. If the plan is approved by the business's creditors in a bankruptcy court proceeding, the plan becomes part of a new agreement between the debtor and creditors.

It is imperative to present a strong plan of reorganization after thorough review of a business's financial statements, accounts receivable and other assets to have the best possible chance of obtaining approval from creditors and the court. James H. Monroe can help clients present such a case. He has the experience necessary to help clients evaluate the value of a business's assets and consider how best to reduce the business's debts so that it has the best chance of succeeding in a bankruptcy proceeding, and thereafter.

James H. Monroe can provide assistance to both large and small businesses, and advise on whether Chapter 7 bankruptcy may be a better option for certain businesses, or, if a sole proprietorship, whether Chapter 13 bankruptcy may be a realistic option. For additional information about how James H. Monroe can provide assistance to clients considering a business reorganization, or already in the process of one, visit our webpage.

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