Do you own or operate a small or large business in Miami? Is so, you may have noticed a rash of businesses filing for a chapter 11 bankruptcy in Miami. Why? Probably because the economy is not at its best at the moment, unemployment is up, interest rates are up and people are just not spending the same amount of money they used too. Filing for a bankruptcy sounds like a scary prospect, but in truth, a chapter 11 bankruptcy is not as scary as it sounds.
A chapter 11 bankruptcy in Miami is filed when a business, small or large, reaches a point when the income to debt ratio is off balance. Paying your monthly bills becomes a chore and you as a business owner decided that there is no other alternative.
Chapter 11 is a lot like filing a Chapter 13 bankruptcy in Miami. While a chapter 13 bankruptcy in Miami is for an individual person or family, chapter 11 is for businesses. It is a restructuring bankruptcy. It is the type of bankruptcy that will not eliminate your debt, but restructure business, your debt and your monthly bills so that the monthly payments are more affordable and at the same time allow you to keep your business open and running. Once you pay off the debt, you will be free and clear of debts. The only downside of this type of bankruptcy is that you will have someone oversee your expenses and you will basically be under a microscope with your business accounts to assure that you are able to pay your monthly payments.
There may be alternatives to filing a chapter 11 bankruptcy in Miami. You should talk to a chapter 11 bankruptcy attorney in Miami about your options BEFORE you file bankruptcy. A chapter 11 Bankruptcy lawyer can help you file bankruptcy, give you support and defense when needed during your bankruptcy and explain the ramifications of filing a chapter 11 bankruptcy in Miami. With a phone call you can obtain a free initial consultation to discuss your chapter 11 bankruptcy options.