Miami Small Business Debtors Attorney
Call a Business Chapter 11 Bankruptcy Lawyer to File!
When it comes to deciding what is best for your business, Orshan, P.A.
knows that this can be a difficult process. Do you hold out for the next
season? Should you thrown in the towel? Or do you have other options available
to you? Right now, you are at a crossroads. The good news is that our seasoned
Miami business bankruptcy lawyer is here to review your options with you and provide the insight and guidance you need.
With more than 25 years of experience under our belt, we know how to help
small businesses get back on their feet again. Would you like to learn
more? Please give our
Miami bankruptcy lawyer a call at any time or fill out a free bankruptcy evaluation.
What should I expect in Chapter 11 bankruptcy?
One of the most helpful tools during this time may actually be bankruptcy.
Chapter 11 bankruptcy is specifically designed for businesses who want
dispel some of their debt while continuing to operate. Once you have filed,
you will begin to balance your expenses and restructure your internal
operations to increase or maintain profitability.
Keep in mind, there will be tight restrictions on the following once you file:
- Any actions involving contracts or agreements
- Management of various branches of the business
- Expansion plans
- All property and asset sales made by your business
- Loans or financing arrangements
- Any other expenses your business may incur
Essentially, you will reorganize the way you run your business in order
to pay off debts. It is important to keep in mind that there are many
strict deadlines surrounding this type of bankruptcy, so you will need
to stay on top of matters. You will also need to make sure your petition
for bankruptcy correctly summarizes all debts, assets, income, and expenses
that you may have, as well as provide monthly reports on your finances.
This will be used to determine an appropriate repayment and restructuring
plan. That is why many businesses opt to work with a bankruptcy lawyer
who can help them through the process in a successful manner.
Special Provisions for Small Businesses
The law does take into account that smaller businesses may not have the
resources, or the assets, of some of the larger bodies that also qualify
for Chapter 11 bankruptcy. That's why there are a number of special
provisions for small businesses that help them along the bankruptcy process
and limit their vulnerability and expenses. To qualify as a "small
business," a business has to owe less than $2,490,925 to its creditors.
The special provisions for small businesses include:
- 180 days (60 more) to propose a Chapter 11 plan
- Possibility of no disclosure statement requirement for the court and creditors
- Possibility that a court can block the formation of a committee to represent
your collective creditors
There are also requirements for qualifying small businesses that debtors
and their representation have to be mindful of, such as closer monitoring
by The United States Trustee's office and a 300 day deadline to propose
a Chapter 11 plan (in the absence of creditor plan).
Get Your Business Back on Its Feet
The provisions for small business debtors can be subtle and difficult to
parse in what can be a hectic and dense Chapter 11 filing process. That's
why it is so critical that small business owners facing bankruptcy seek
incisive and vigilant legal counsel.
Paul L. Orshan, Esq. has provided countless clients this kind of service and is ready to sort
out your small business Chapter 11.
Contact Orshan, P.A. if you are ready to pursue a debt-free future for your business. Our Miami
Chapter 11 bankruptcy lawyer is here to help!