Business Bankruptcy Attorneys in Miami
Last updated on June 6, 2024
At Aaronson Schantz Beiley P.A., we offer small to medium- and larger-sized businesses (gross revenue of between $2 million and $100 million) 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 or in state court and including the various types of bankruptcy proceedings that may be available.
Our attorneys do not offer a cookie-cutter approach. Sometimes, circumstances dictate that a form of proceeding under the United States Bankruptcy Code is required.
Helping Businesses Explore Their Bankruptcy Options
There are various different types of business bankruptcies that are available. Our experienced business bankruptcy attorneys handle all of these types of bankruptcy options for businesses, corporations, or partnerships.
- Chapter 11 For a Business: 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 that 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 that is available for businesses with less than $7.5 million of total debt. It is less administratively cumbersome than Chapter 11 and provides for a more expedited reorganization and restructuring process.
- Chapter 13 For a Business: This proceeding is only available to individuals with regular income and with unsecured debt of less than $394,725 and secured debt of less than $1,184,200. A business owner may find this type of bankruptcy to be helpful, but it is not generally employed to restructure business debt.
- Chapter 7 For a Business: Chapter 7 is a liquidation proceeding and is 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.
The type of bankruptcy that is appropriate in your case will depend on numerous factors, including the size and type of your business, how much secured debt and unsecured debt your business owes, 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.
Frequently Asked Questions About Business Bankruptcy
Bring your questions such as the following to our attention for personalized answers and advice.
What bankruptcy options are most appropriate for midsize businesses?
Depending on the size of a business and its debt load, a Chapter 11 bankruptcy or Subchapter 5 under Chapter 11 is likely to fulfill the needs of a midsize business.
Does business bankruptcy affect personal assets of business owners?
If business owners have kept their personal finances separate from those of the business, the business bankruptcy should not infringe on the owner’s personal assets. However, sometimes, business owners commingle their finances – such as by guaranteeing business debt with their personal assets. In such cases, there may be an impact on the owner’s personal finances when the business files for bankruptcy. Get legal advice to determine whether your personal finances are at risk in connection with your business’s bankruptcy.
Can a business file for bankruptcy and stay open?
Very often, the answer is yes. Chapter 11 bankruptcy is designed to facilitate continuity of operations in conjunction with debt reorganization. Our lawyers understand that you do not likely want to lose ongoing orders and customers while going through bankruptcy. This goal will help them structure the business bankruptcy solution that is best for your business.
Our bankruptcy attorneys at Aaronson Schantz Beiley P.A. will consult with you to review all aspects of your enterprise and help determine the most effective and efficient way to proceed. They will discuss the options with you because they believe that the ultimate decision is yours, the business owner.
Our Team Can Help You Find A Debt Relief Solution For Your Business
Our lawyers at Aaronson Schantz Beiley P.A. are ready to work with you to find the best solution for you and your company. They 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. Our team is ready to help you through this difficult time. We deal with commercial matters and other issues involving large companies and large amounts of money.
Aaronson Schantz Beiley P.A., is a debt relief agency. We help businesses and individuals file for bankruptcy relief under the Bankruptcy Code.