The most common type of bankruptcy option available to both corporations and small businesses is a Chapter 11 bankruptcy. Unlike a Chapter 7 bankruptcy, businesses have the option to reorganize, as opposed to liquidating all of their assets to pay off their debt. A Chapter 11 bankruptcy typically takes longer than other bankruptcies, with the average timeframe being 6 months to 2 years. The Law Office of John K. Turner can help you determine if a Chapter 11 bankruptcy is right for your business.
Once a company in Bradenton files for a Chapter 11 bankruptcy, they can generally still operate business as usual, aside from making major decisions (discontinuing or expanding business operations, for example) without seeking permission from the courts. During the bankruptcy process, the business itself will be able to propose a reorganization plan such as downsizing, in order to reduce expenses, or renegotiating debts with creditors.
If your Bradenton business is facing financial hardship, it may benefit you to file for a Chapter 11 bankruptcy. Contact the Law Office of John K. Turner to request a free case evaluation today! We proudly serve all of Sarasota and Manatee counties, providing quality professional bankruptcy legal services.