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Law Offices of Stephen Orchard Law Offices of Stephen Orchard

Boca Raton Family & Small Business Bankruptcy Lawyer

Coronavirus shutdowns were hard on everyone, especially for many small businesses. These entities will be feeling the effects of these shutdowns for many years to come. Lots of people equate bankruptcy with failure. But in many situations, this federal debt relief program might be the best way, or even the only way, to preserve your business for the next generation.

The experienced Boca Raton family & small business bankruptcy lawyers at the Law Offices of Stephen Orchard routinely handle these matters throughout Florida. So, in many cases, we can resolve a prepackaged Chapter 11 or Chapter 5 in a matter of days or even hours. We also tailor other kinds of bankruptcies for your business, so you can keep moving forward free from creditor harassment.

Chapter 7 and Chapter 13

For businesses in dire straits, a Chapter 7 may be a good alternative to a creditor liquidation. When you file Chapter 7, you take control over your own business’ financial future. The trustee will liquidate most of your nonexempt assets, including most inventory and fixtures. But the court also discharges most of your debt. And, you walk away with enough property to rebuild.

If you are a sole proprietor and you meet other financial requirements, Chapter 13 might be an option. Like a personal Chapter 13, a business Chapter 13 allows owners to repay debts on their own time and under their own terms. As a bonus, our Boca Raton family & small business bankruptcy lawyers can usually renegotiate vendor and other agreements. Since you have more favorable terms, you are in a good position to quickly return to profitability.

Chapter 11 and Chapter 5

Most businesses opt for one of these two bankruptcies. Even a prepackaged bankruptcy is quite complex, so only the most experienced business bankruptcy lawyers should handle these matters.

In a prepackaged Chapter 11, your attorney does most of the work before legal paperwork is filed. This work includes restructuring contracts. In Chapter 13, this reorganization is basically optional. In Chapter 11, it’s usually mandatory.

Additionally, when the business emerges from bankruptcy, it is a different legal entity than it was before. Therefore, your business could be immune to certain civil suits, if plaintiffs threatened action before you filed bankruptcy.

Usually, Chapter 11 is for larger businesses. Smaller businesses might be able to file a streamlined Chapter 5. These proceedings have many of the same effects as Chapter 11. But in most cases, there is no creditors’ committee. So, things happen much faster and with much less legal wrangling.

In all forms of bankruptcy, the Automatic Stay prohibits adverse creditor actions, like foreclosure and repossession. So, bankruptcy always gives you the breathing room you need to make a fresh start.

Reach Out to an Experienced Palm Beach County Bankruptcy Lawyer

If crushing debt is a problem, legal solutions are available. For a free consultation with an experienced Boca Raton family & small business bankruptcy attorney, contact the Law Offices of Stephen Orchard. Home, virtual, and after-hours visits are available.

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