Small Business Bankruptcy Assistance in Jacksonville, Florida
Business Bankruptcy in Jacksonville, Florida, and the Surrounding Areas
Is your Jacksonville, Florida, business feeling financial pain due to the current economic and business climate? Do you struggle to pay your business expenses, meet your payroll, or have other financial hardships affecting your company? A business bankruptcy could help in this situation, and if your company is situated in Northeastern Florida, then Sacks and Sacks is the law firm that can deliver Small Business Bankruptcy Assistance.
If your business is struggling and the future looks bleak then you need a bankruptcy attorney who is experienced and knowledgeable to help you find the right solution for your company, your specific circumstances, and the outcome that you are looking for. You need results, and you need them ASAP!. Things seem to keep getting worse instead of better, and you are not alone. Many companies across the USA are declaring business bankruptcy because of the current climate and economic situation.
Whether you own a small business as a sole proprietor or you are the head of a corporation a business bankruptcy may help you reorganize, restructure, or even liquidate the company and eliminate the debts owed up until that point. Bankruptcy can allow leases and contracts to be renegotiated or even canceled entirely.
There are 3 main chapters of the Bankruptcy code that are most commonly used for business bankruptcy. These are chapter 7, chapter 11, and chapter 13. The Sacks and Sacks Law Firm has more than 2 decades of experience handling bankruptcy cases under all 3 chapters, and for clients who range from small business owners to large companies.
- Chapter 7 bankruptcy is also called liquidation, and the company is typically dissolved after all of the assets are liquidated and these proceeds are distributed among the creditors and the Bankruptcy Trustee fees. Sole proprietorships, partnerships, limited liability companies, and corporations may all qualify under this business bankruptcy chapter.
- Chapter 11 bankruptcy is another option for businesses that are facing financial hardship. Usually, small businesses will avoid this chapter if possible because of the time, expense, and complicated requirements. If your company is structured in any way other than a sole proprietorship and you want to continue operations, then Chapter 11 is the only business bankruptcy option that you have in most cases.
- Chapter 13 business bankruptcy is exclusively reserved for small businesses that are sole proprietorships. In other words, the company must be owned and operated by a single individual. This is also referred to as a business restructuring. Partnerships, LLCs, and corporations are not allowed to file business bankruptcy under Chapter 13. There are debt limits in place with this type of debt relief, though. You can not have secured debt totaling more than $1,184,200, and your unsecured debt can not exceed $394,725.
If the coronavirus (COVID-19) is affecting your business and you can’t pay the lease, make payroll, or you’re struggling to keep the business open, then calling Sacks and Sacks Bankruptcy should be your first decision. Contact us today.
