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Tampa Bankruptcy And Reorganization Blog

How your small business can benefit from Chapter 11 bankruptcy

Running a business can be tough. While you can work tirelessly to make your business a success, sometimes there are simply factors beyond your control that will mean that the going gets tough.

If your business finds itself struggling against seemingly ever-increasing debts, it is vital that you do not bury your head in the sand. Instead, you should be proactive in taking action and remedying the situation.

Are all farmers eligible for Chapter 12 bankruptcy?

If you are a farmer in the state of Florida and you are struggling with increasing debts, it is likely that you have considered ways that you can relieve yourself of such a heavy financial burden. While bankruptcy is considered by many as a last resort, it can be a great opportunity for people to get back on track with their finances and even be able to thrive in the future.

There are different bankruptcy chapters that have been created for different situations, and this means that the laws, processes and eligibility requirements differ, too. Chapter 12 bankruptcy was created in order to help family farmers and family fishermen; therefore, in order to be eligible, a person filing for bankruptcy under Chapter 12 must be one or the other. However, these terms are not the only eligibility requirements. If you are considering filing for Chapter 12 bankruptcy as a farmer, it is important to make sure that you are eligible first.

Deciding whether to file for Chapter 13 bankruptcy

Deciding to file for bankruptcy can be a very difficult decision to make. Sometimes it may feel as though it would be easier to bury your head in the sand and pretend that your debts do not exist. But the fact of the matter is that in order to free yourself from your increasing debts, action must be taken.

Not all bankruptcy filings are equal. Bankruptcy can depend on the individual's specific circumstances, but it can also vary according to the type of bankruptcy that a debtor files for. In this blog, we will discuss the pros and cons of filing for bankruptcy under Chapter 13.

Can I eliminate multiple liens through bankruptcy?

If you're considering Chapter 11 or Chapter 13 bankruptcy, it's possible that you're dealing with multiple liens against your home or other property. This could be in the form of a second mortgage on your primary residence, but could also relate to investment properties, business equipment or other instances where you incur debt against specific collateral. Depending on the kind of bankruptcy you file, you may be able to discharge some of this debt. However, it depends on the specifics of your case.

Large estates are best suited to Chapter 11 bankruptcy

If you are the owner of a large home but are struggling with finances, particularly increasing debts, you may not know which way to turn. If your outgoings are not matching up with your income although your income is high, it may be time to reconsider the way that you organize your finances, and the assets that you hold.

Large estates are comparable to businesses in the sense that they have very complex financial systems. This is why both businesses and individual estates can benefit from filing from bankruptcy under Chapter 11.

Filing for bankruptcy as a Florida restaurant

Restaurants can go through periods of huge success, but just as quickly can come periods of hardship. This is why it is important for restaurants to keep a view on the long term, and factor in the possibility of financial hardships and debts.

While bankruptcy is for many seen as the last resort, filing for bankruptcy can be a way of preparing for the future, and it can be a positive way to move forward and free your business from debts. Chapter 11 bankruptcy can offer many possibilities for struggling restaurants. The following are some tips for businesses going through Chapter 11 bankruptcy.

Chapter 12 bankruptcy can help you take control of farm finances

Operating a profitable family farm is not always easy. There are major expenses that the average person would never even think of that are necessary to successfully run a farm. Machinery for planting and harvesting crops, as well as seed stock or root stock for orchards, can be incredibly expensive. Many farmers finance these costs.

All it takes is one bad season or one severe weather incident on your farm to create a major cash flow problem. Family farmers may want to consider Chapter 12 bankruptcy, which allows for active business debt negotiations, for getting their finances back under control. Chapter 12 offers many of the same benefits of Chapter 11, but it is less expensive and complicated than Chapter 11.

Getting out of debt through a wage earner's plan

Dealing with ever-increasing debt can feel like a never-ending cycle that you will never get out of. The government recognizes that it can be very difficult for debtors to get out of the situation they find themselves in, especially because of interest rates on unpaid credit cards and loans.

This is why the government makes it possible for people to benefit from special laws and plans that help them to get out of debt. One of these is called the wage earner's plan, more formally known as Chapter 13 bankruptcy. The wage earner's plan can be ideal for a person with a stable income to repay his or her debts over time under more lenient conditions.

The emotional side to a bankruptcy filing

When you file for Chapter 11 bankruptcy, it probably means that things have been tough from a financial perspective for quite a while. It's easy to say that financial wealth never needs to affect mental health and happiness; however, the reality is that financial struggles can lead to a great deal of stress and may force you to make certain sacrifices as a result.

While a bankruptcy filing can be very challenging, it is often the best course of action for individuals and families who have built up a considerable amount of debt. Therefore, if you are considering filing for bankruptcy, it is important that you put in place good practices so that you are able to thrive emotionally as well as mentally.

How Chapter 12 bankruptcy affects taxes

Before filing for any bankruptcy chapter, it is important that you understand the implications that the particular chapter will have on your finances. Each bankruptcy chapter has its own set of eligibility guidelines, benefits and requirements. Therefore, you should not commit yourself before you are certain that filing for bankruptcy is right for you.

Chapter 12 bankruptcy is a chapter that was especially created for farmers and fishers. It takes into account that these workers are heavily dependent on seasonal income streams; therefore, it acknowledges that income will probably not be the same for each month of the year.

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