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FILE A FLORIDA BANKRUPTCY

Fort Lauderdale Bankruptcy Attorney Donnie Goodwin

954-768-9940 | FileAFloridaBankruptcy.com
200 SE 6th Street • Suite 507 • Fort Lauderdale, FL 33301

CHAPTER 11 BANKRUPTCY BASICS
FLORIDA BANKRUPTCY LAYWER
Bankruptcy News

Donnie Goodwin: A Fort Lauderdale bankruptcy attorney who can help you understand your financial options.

 

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KEEP YOUR HOME
Bankruptcy News

So many people are upside-down on their home mortgages these days. Before you walk away from your home, read this!

 

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BANKRUPCY MYTHS
Bankruptcy News

Read the FAQs about bankruptcy myths, and learn why bankruptcy may help give you a fresh start.

 

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BUSINESS BANKRUPTCY OPTIONS

From Goodwin Law Offices, Fort Lauderdale Small Business Lawyer

 

Chapter 11 of the Bankruptcy Code is used by businesses to file bankruptcy. This type of bankruptcy is usually called a "business reorganization.” Chapter 11 Bankruptcy can also be used by individuals in certain exceptional circumstances. Chapter 11 provides some individuals and most businesses a legal path to reorganize their finances and pay debts over a time period established by their plan. Businesses and some individuals who are in business, can avail themselves of Chapter 11 debt relief if they wish to remain in business and are able to show they can do so successfully. Under a Chapter 11 Bankruptcy plan the business can continue to operate, while their debts and financial obligations are paid under a court authorized plan of “business reorganization.”

 

Any type of business can file a Chapter 11 bankruptcy including individuals, sole proprietorship's, partnerships, limited liability companies and corporations. The single requirement is that the filer be a business and have the ability to remain in business, if a plan for reorganization of its debts will enable it to be a successful going concern after completing this plan. A business which has experienced serious financial problems can continue to operate without risk of closure from creditors claims, judgments from lawsuits and property liens, including turnover orders stemming from creditors claims, which would essentially put the filer out of business. Filing a Chapter 11 bankruptcy gives the filer a breathing spell to formulate the plan for a reorganized business. This time period will usually be 120 days or until the statutory automatic stay is lifted by a creditor. In many situations creditors will benefit from the successful results of a reorganized debtor and will have an interest in cooperating. The optimal outcome of a Chapter 11 Bankruptcy is a “win-win” for the filer and their creditors. Compared to a business closure, the successful business after debt reorganization may be a benefit to creditors.

 

A court ordered and supervised Chapter 11 Bankruptcy business reorganization can enable the business to work through insolvency. There is no statutory limit as to the amount of debt the filer has. The financial problems of the business may be the result of temporary down turns in market conditions or other business reversals that cause a loss of liquidity and which may force the business to close. The court may authorize the business to terminate unfavorable leases and avoid disabling contractual obligations the business would be subject to if it did not file bankruptcy.

 

 

Goodwin Law Offices offers legal help in the following areas:

 

 

 


 

STOP CREDIT CARD COLLECTION CALLS!

If You Chose A Bankruptcy Option, The Collection Calls Will Be Halted

 

Creditors are not allowed to contact you once you have filed for bankruptcy. They must stop all collection calls. If they do call, they'll have to answer to the U. S. Bankruptcy Court judge and will probably have to pay fines as a result. Of course, you must go through the legal process of bankruptcy under the U. S. Bankruptcy code.

 

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ARE YOU FACING FORECLOSURE?

Read about foreclosure defense versus bankruptcy

 

Just because you are facing foreclosure does not mean a bankruptcy is the way to resolve the situation. Depending on your financial and legal situation, a direct foreclosure defense may suffice, in lieu of a bankruptcy. Goodwin Law Offices is ready to help you determine which option may be best for you.

 

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