Kissimmee Chapter 11 Bankruptcy Attorney
Many businesses in and around Kissimmee, Florida are currently struggling with debt, or will face substantial debt in the near future. Almost any type of business in Central Florida can struggle with debt, from restaurants and bars to retail establishments. If you are having difficulty paying your business’s bills but want to keep your business open, it is important to learn more about Chapter 11 bankruptcy and its many benefits for Florida business owners.
An experienced Kissimmee Chapter 11 bankruptcy attorney can speak with you today about filing for bankruptcy and how it can allow you to keep your business open while reorganizing your debt.
What is Chapter 11 Bankruptcy in Kissimmee?
Chapter 11 bankruptcy is one of the most common forms of bankruptcy for a business that cannot pay its debts but is still taking in revenue and wants to remain open. Chapter 11 bankruptcy, according to the U.S. Courts, is a type of reorganization bankruptcy. What this means is that a debtor can develop a repayment plan that typically lasts between 6 months and 2 years. That repayment plan must specify the amount of debt it will repay each month toward creditors. At the end of the repayment plan period, as long as the debtor has satisfied the requirements of the repayment plan, any remaining and eligible debt can be discharged.
Chapter 11 bankruptcy has a $1,167 filing fee and a $550 miscellaneous administrative fee. A bankruptcy lawyer in Florida can speak with you about the first steps you will need to take to begin the bankruptcy process.
Benefits of Chapter 11 Bankruptcy
There are many benefits of filing for Chapter 11 bankruptcy. First, since it is a reorganization bankruptcy, it allows a business to seek bankruptcy protection and to reorganize debts without having to close the business and sell off business assets. For restaurants, bars, retails stores, and other businesses in Central Florida, Chapter 11 bankruptcy can allow those business owners to continue operating their business while developing a plan to manage debt.
In addition, like other forms of bankruptcy, Chapter 11 bankruptcy comes with the automatic stay. As soon as a debtor files for Chapter 11 bankruptcy, the automatic stay prevents any creditors from taking new action of any sort toward collecting a debt. Accordingly, creditors cannot have any business accounts garnished, cannot file a lawsuit against your business to collect on money owed, and cannot take any other similar actions.
For non-business debtors, or individuals in Central Florida, who have a large enough amount of debt that they do not qualify for Chapter 13 bankruptcy (which has debt limits), Chapter 11 bankruptcy can also allow those individuals to reorganize their debts.
Contact a Kissimmee Bankruptcy Attorney
Do you have questions about filing for Chapter 11 bankruptcy in Central Florida? Whether you own a business or you have too much debt to qualify for Chapter 13 bankruptcy as an individual, one of the dedicated Kissimmee Chapter 11 bankruptcy attorneys at our firm can speak with you today about whether a reorganization bankruptcy is right for you. Contact Salazar & Kelly Law Group, P.A. for more information.