Orlando Business Bankruptcy Lawyer
Individuals need attorneys to navigate through the complex consumer bankruptcy process. Businesses need attorneys even more to navigate through the even-more-complicated commercial bankruptcy process.
The experienced Orlando business bankruptcy lawyer at the Law Offices of Carol M. Galloway are fully familiar with all these options. Our professional team evaluates your business’ financial and legal circumstances and recommends a course of action. A case evaluation is just the beginning. Our attorneys stand up for you throughout the process, during informal meetings with the bankruptcy trustee (person who oversees a bankruptcy for a judge) and in court hearings as well. Through it all, we never lose sight of our goal, which is to help your business get a fresh start.
Chapter 13 and Chapter 7 Business Bankruptcy Basics
Technically, Chapter 13 is reserved for individuals. Therefore, only sole proprietorships may file this form of bankruptcy. Generally, Chapter 13 gives debtors up to five years to pay off certain obligations. This kind of bankruptcy also discharges (forgives) most unsecured debts, such as credit card bills.
A business Chapter 7 bankruptcy is usually a liquidation. Typically, business assets aren’t exempt in bankruptcy. Chapter 7 allows businesses to close on their own terms as opposed to the terms creditors dictate. A business liquidation bankruptcy is obviously a big step. Sometimes, however, there’s no reasonable path forward.
Bankruptcy Protections
In terms of commercial or individual debtor protection, the Automatic Stay is probably the most important bankruptcy feature. Section 362 of the Bankruptcy Code usually applies in all forms of bankruptcy. This provision stops creditor adverse actions like:
- Foreclosure,
- Creditor lawsuits,
- Repossession,
- Creditor harassment, and
- Eviction.
As mentioned, most business assets aren’t exempt in bankruptcy. However, the judge is in complete control of the proceedings. So, before creditors divide business assets among themselves, they must go through the judge first. This additional layer gives an attorney an opportunity to negotiate a more favorable resolution out of court.
Work With a Dedicated Orlando Business Bankruptcy Attorney
Bankruptcy offers distressed debtors a way out. For a free consultation with an experienced Orlando business bankruptcy lawyer, contact the Law Offices of Carol M. Galloway, P.A. We routinely handle matters throughout the Sunshine State.
