Helping Businesses Explore Their Bankruptcy Options
At Aaronson Schantz Beiley P.A., we offer small to medium and larger sized businesses (gross revenue between $2,000,000.00 and $100,000,000.00) that are having serious financial difficulties services designed to alleviate the fiscal pressures they are experiencing. If your business is struggling with debt, then it’s important to investigate possible options, out of court, in state court, and including the various types of bankruptcy proceedings that may be available. We do not offer a cookie-cutter approach. Sometimes circumstances dictate that a form of proceeding under the United States Bankruptcy Code is required.
Types Of Bankruptcy
There are various different types of business bankruptcies that are available.
- Chapter 11: This is a formal reorganization proceeding that allows for the most creative long term plans to restructure debt. However, this is a somewhat formal proceeding which requires substantial administrative time and expense. The costs need to be weighed against the potential benefits.
- Subchapter 5 under Chapter 11: Subchapter 5 is a relatively new proceeding which is available for businesses with less that $7,500,000.00 of total debt. It is less administratively cumbersome that Chapter 11 and provides for a more expedited reorganization and restructuring process.
- Chapter 13: This proceeding is only available to individuals with regular income and with unsecured debt less than $394,725 and secured debt are less than $1,184,200. This type of proceeding is not generally employed to restructure business debt.
- Chapter 7: Chapter 7 is a liquidation proceeding and generally not the best option if you are seeking to restructure debt and reorganize a business. Even if you are going out of business, there may be better ways to resolve with the creditors.
What type of bankruptcy is appropriate for you will depend on numerous factors, including the size and type of your business, how much secured debt and unsecured debt you owe, the assets owned and associated with your company, whether there are related companies, the ownership structure, the viability of the business, tax obligations, guarantees, franchise agreements, lease agreements.and a host of other matters.
The bankruptcy attorneys at the Aaronson Schantz Beiley P.A. will consult with you review all aspects of your enterprise to help determine the most effective and efficient way to proceed. At Aaronson Schantz Beiley P.A. we discuss the options with you because we believe that the ultimate decision is yours, the business owner.
We Can Help You Find A Solution
The attorneys at Aaronson Schantz Beiley P.A. are ready to work with you to find the best solution for you and your company. We will take time to meet with you in order to review your present situation. Contact us today by calling 786-600-6940 or by filling out our short contact form. We’re ready to help you through this difficult time.