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Many debtors file bankruptcy to take full advantage of the automatic stay it places on collection activity from creditors during the pendency of the bankruptcy proceedings.
This is because the automatic stay is in place to give debtors time to reorganize their debts and devise a court-approved plan to repay their creditors. Overall, an automatic stay in bankruptcy proceedings can be beneficial to all parties.
If you have a seasonal business, you know how crucial that six-week or three-month window of opportunity is for generating the cash you need to get you and your family through the leaner months of the year.
Yet, all sorts of situations can arise that put the viability of your company at high risk. Perhaps workers were widening the road right in front of the strip mall where your business is located and significantly reduced the traffic into your business. You may find yourself struggling mightily just to make rent, let alone turn a profit.
While the economy continues to surge, there are still some South Florida residents who remain mired in debt. For them, the good times appear to be few and far between as they watch their family-owned farms and related businesses bleed money without turning a profit for yet another fiscal year. Just how long can they keep the creditors at bay?
Family farms are a bit different from many family-run businesses in that in many instances, the land has been in the family for generations. Whether it's citrus groves or sugar cane, your grandfather and great-grandfather may have toiled under the unforgiving Florida sun and battled strong, crop-destroying hurricanes, only to bounce back and once again turn a profit.
One way to monitor America’s agricultural industry is to look at Chapter 12 bankruptcy figures. Seeing how many farmers are reorganizing their debt can offer insight into the choices these business owners are making, and the challenges they face.
Some recent numbers indicate there are positive signs, particularly for Florida’s farmers. But the overall picture suggests we may be in a period of unpredictability.
Some debtors attempt to file for a Chapter 13 bankruptcy debt reorganization only to learn that their resources and estates exceed the debt limits set forth in the United States Bankruptcy Code.
In those instances, it may be necessary to file (or perhaps, refile) under Chapter 11 for individuals. This, too, is a debt reorganization and very similar to a Chapter 13. It does not wipe out debts entirely the way a Chapter 7 bankruptcy does.
So you finally bit the financial bullet and decided to file for bankruptcy. You may have initially intended to file for Chapter 7 and then learned that you likely wouldn't qualify.
Congratulations. You have sufficient resources and earning power that while you are ineligible for filing under Chapter 7, means that you have advantages that those filing under Chapter 7 do not have.
If you're a South Florida business owner who is struggling to keep your company solvent and your doors open, it can be quite frustrating to juggle bills every month and never manage to pay them all. In fact, you might even worry whether you will be able to continue making payroll for your employees.
That can be a very scary feeling, especially when you have already poured all your available resources into the business. You still believe in your company and the services and products it offers, but you need some financial relief to give you some time to regroup.
There are semi-trucks on the highway or freeway every day, so does it come as a surprise to hear the trucking industry is suffering? When these trucks go “too” slow, you may think they’re a nuisance, but you should consider the people behind the wheel. Many truck drivers worry about becoming collateral damage and losing their jobs in a struggling industry.
According to Business Insider, 2,500 truck drivers have already lost their jobs in 2019. Harsh weather, a declining economy and low rates all make it difficult for trucking companies to stay afloat. When they can’t make ends meet, what can they do?
When Tampa debtors filing for bankruptcy have significant assets or income, they are ineligible for filing under Chapter 7, which is a total liquidation. While that might sound like a good deal, it also means that any non-exempt assets can be sold off to pay your creditors.
Many debtors who file under Chapter 13 do so to take advantage of the terms of the reorganization that don't require them to sell all their non-exempt possessions.
Some Florida farms have been in the same families for generations. Your grandparents or even great-grandparents may have tilled the same soil planting crops as you now do.
But that doesn't mean that everything has stayed the same over the years and the generations. In fact, what was once a profitable business venture might now be a farm that is hanging by a thread and about to be lost to liens or foreclosures. Is there any way back to the black for your Florida family farm?
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