Small business owners with a lot of debt may decide to seek relief through a Chapter 11 bankruptcy. In some cases, it might be possible to continue operating your business during the pendency of your proceedings.
Have your bills eclipsed your paycheck by a few zeroes? Or maybe your business is going through a bad cycle -- or three. It's easy to get caught up in the cycle of paying overdraft and late fees until you are no longer even paying down the principal of your debt.
By most measures, the Tampa Bay area’s economy is healthy and growing. The housing market remains strong, jobs continue to grow and hotels have seen record-setting numbers in the first quarter of 2019. However, despite these signs of economic prosperity, there has been an increase in bankruptcies in the area.
A Chapter 12 bankruptcy can give many struggling farmers a chance to reorganize their debts, as well as have some additional time to bring them under control.
Hotels and restaurants form the backbone of Florida's tourism industry. However, whether due to competitive markets, rising costs, a dependence on seasonal profits, effects of severe weather or more, Tampa business owners can find themselves managing an insurmountable amount of debt.
If you are struggling to pay your bills, your head may be swimming with potential solutions to your insolvency problem. It's a good idea to try to resolve your debt delinquencies. However, "solutions" can cost you money and offer very few real routes out of debt.
One benefit to debtors who file a Chapter 11 bankruptcy is the automatic stay. This procedure temporarily halts all collection activities, including repossessions, foreclosures and judgments.
When you get behind on your bills, it can be a scary experience. Creditors blow up your phone with calls and your mailbox is stuffed with dunning letters seeking payment.