Business Bankruptcy Attorneys in Tampa

When your business falls on hard times, come to our firm to reorganize! You do not have to close the doors. Business owners have a number of options available that can allow them to continue operating. Depending on your situation, filing for bankruptcy could provide the debt relief you need to get back on the right financial path.

If you have questions about how to resolve your company’s financial difficulties, be sure that you have a reliable Tampa business bankruptcy lawyer behind you. At Ford & Semach, P.A., we dedicate our entire practice to bankruptcy law. Attorney Buddy D. Ford is board-certified as a specialist in business bankruptcy by the American Board of Certification. We have represented businesses ranging from sole proprietorships to publicly traded companies.

The Three Main Paths For Business Bankruptcy

Business owners facing serious financial pressure may have several paths to consider. The right approach depends on factors such as the business structure, debt, assets, income and goals. Our firm takes a personalized approach to each case, including matters involving trucking, hospitality, agriculture, real estate and complex commercial debt such as Merchant Cash Advances.

Chapter 11 Bankruptcy

Chapter 11 lets an eligible business reorganize its debts. The business can usually continue operating while it works through the bankruptcy process. This can give a viable business time to address its debts without an immediate liquidation.

Attorney Ford has been appointed as a Chapter 11 trustee and understands these cases from both sides. We will explain what filing Chapter 11 could mean for your business. We can also discuss strategies such as commercial loan restructuring. We will give you an honest assessment of whether Chapter 11 makes sense for your situation.

Chapter 7 Bankruptcy

Chapter 7 is generally used to liquidate a business. The process involves selling assets that are not protected from liquidation and using the proceeds to address the business’s debts. For some businesses, liquidation may make more sense than trying to reorganize.

If liquidation is the most appropriate option for your business, we can guide you through the process and work to protect your interests along the way.

Chapter 12 Bankruptcy

Chapter 12 provides a repayment process for eligible family farmers and family fishermen with regular annual income. It can allow an eligible farm to keep operating while working through its debts.

The firm’s Chapter 12 practice focuses on farmers and agricultural businesses, including tree farms and nurseries. A repayment plan can give an eligible farm more time to address its debts while continuing its operations.

Small Business Solutions

Small businesses may have alternatives to a traditional bankruptcy filing. Depending on the business’s circumstances, options may include:

• Subchapter V: A streamlined Chapter 11 process for eligible small businesses that need to reorganize their debts. Eligibility depends on the requirements in the Bankruptcy Code, including the applicable debt limit.
• Informal debt restructuring: Negotiating with creditors outside of bankruptcy may result in new payment terms or other arrangements.
• Assignment for the benefit of creditors: A company transfers assets to a third party, which liquidates them and uses the proceeds to pay creditors.

The right approach depends on the business’s financial position, its debts and its goals. Our lawyers can help you review your options to provide a clearer picture before taking action.

The Goal Of Reorganization And Restructuring

The goal of reorganization or debt restructuring is to address financial pressure while preserving a viable business when possible. A repayment plan, for example, may allow a business to manage its debts over time while continuing to operate.

Ford & Semach, P.A. works with business owners to evaluate these options and develop an approach suited to their financial circumstances and goals.

Call For A Business Bankruptcy Consultation

Contact our office today to learn more about our business bankruptcy services and how we can help you. We are available during regular business hours and by appointment on evenings and weekends. You can reach us by phone at 813-302-1258 or via email.

Frequently Asked Questions

If you’re considering bankruptcy and have some pressing questions about the process, our experienced team would be happy to offer answers.

Can my business continue operating during bankruptcy proceedings?

Yes. Chapter 7 generally involves liquidation rather than reorganization. But in other types of bankruptcy, such as Chapter 11, a business may continue operating while it reorganizes its debts. The goal is to create a workable approach to the business’s financial obligations.

What assets are protected during business bankruptcy?

The treatment of business assets depends on the type of bankruptcy, the business structure, liens and other facts of the case. Some bankruptcy cases involve liquidation, while others allow a business to continue operating under a repayment or reorganization plan. It is important to review the business’s assets and obligations before deciding which path may fit.

How does bankruptcy affect my business credit?

Bankruptcy will initially have a negative impact on your credit score. But it is possible to rebuild the score over time. Reorganizing your debt and then making on-time payments moving forward – perhaps by using a secured line of credit – can help you do so.

How do you know if bankruptcy is the right option for your business?

Bankruptcy can be helpful when facing overwhelming debt that is creating financial strain, but other efforts at negotiation have not worked. Many business owners are worried that their company is going to have to shut down operations and close, but bankruptcy – such as Chapter 11 for businesses – can help them stay open.

Can bankruptcy eliminate 100% of your business’s debts?

Not necessarily. Some tax debts may not qualify for discharge, while secured debts may remain subject to liens even when personal liability changes. The treatment of debts depends on the type of debt, the bankruptcy chapter and other facts of the case.

How does bankruptcy help your business recover financially?

Reorganizing or reducing certain debts may improve a business’s ability to manage its financial obligations. The approach will depend on the type of bankruptcy, the business’s income and its debts. For example, an eligible Chapter 12 debtor may use a repayment plan to address debts over time while continuing operations.

We are a debt relief agency. We help businesses and individuals file for debt relief under the Bankruptcy Code.