About Commercial Bankruptcy
Making the decision to file for bankruptcy is difficult. But in today's economy, more and more businesses are facing the reality of overwhelming debt brought on by the real estate downfall or lost business. Consumers are tightening their belts and spending less money, and this can lead to a great deal of trouble for any type of company, large or small.
Bankruptcy Amongst Businesses
A business can file for bankruptcy under Chapter 7 or Chapter 11 of the U.S.
Chapter 7 bankruptcy, also commonly referred to as a "straight bankruptcy," allows for the liquidation of the business's assets to pay off debts. Chapter 11 allows for the reorganization of a business's debts. While individuals are not required to work with a legal professional to file for bankruptcy, a business must hire an attorney for representation through the process.
It is important to talk to an experienced commercial bankruptcy lawyer if you are considering the possibility of bankruptcy. You will need to evaluate your situation and meet with your lawyer, financial advisors and board of trustees to determine whether you wish to try for reorganization or go through with a liquidation of assets. Filing for bankruptcy has many advantages as well as disadvantages that should be thoroughly explored.
For over two decades, the lawyers at Leavengood & Nash have helped thousands of clients in bankruptcy proceedings in the Tampa Bay area. We are fully committed to representing our clients' interests. Commercial bankruptcy proceedings are most often highly complex and can be difficult to deal with. By giving you the representation and personalized attention your case needs, we will fight to protect your company's assets and help you reach an outcome that is the most beneficial to your future.
Our firm represents businesses throughout Tampa, Clearwater and St. Petersburg, Florida. We offer a free initial consultation to help you get started.