Business Bankruptcy in Kissimmee
Reorganizing a Company’s Debt While Remaining in Business
Chapter 11 bankruptcy is the option for a business that wishes to remain in business and avoid liquidation. Chapter 11 bankruptcy allows for the reorganization or rehabilitation of a business.
A trustee supervises a Chapter 11 bankruptcy. The goal is to restructure the business and debt payment so that the business meets its obligations from future earnings. Brian M. Mark answers your questions about Chapter 11 bankruptcy and helps you decide if it is the right option for your business.
Personal Bankruptcy in Kissimmee
The Bankruptcy Code provides two options for personal bankruptcy. The first option is Chapter 7 bankruptcy, in which your assets are liquidated to pay off your creditors and your debts are discharged. Brian M. Mark helps determine whether you should file under Chapter 7 in Kissimmee.
If you file under Chapter 7 in Florida, you may seek a homestead exemption and keep the property on which your live, as long as it is not larger than a half acre inside a municipality or 160 connected acres elsewhere.
Florida bankruptcy law also allows you to keep these assets:
- Unemployment, disability, veterans and Social Security benefits
- Alimony
- Retirement plan and life insurance proceeds
- Business partnership property
- Any personal property up to $1,000 in value
- Any professionally prescribed health aids
- Crime victim and workers compensation
The second option is Chapter 13 bankruptcy, in which a repayment plan is set up to pay back your debts over a period of several years. Chapter 13 bankruptcy allows you to reorganize your debts and repay them over a period of time, rather than wiping out the debts immediately.
Chapter 13 bankruptcy is a good option for people in these circumstances:
- They have mortgages or other loans that they would like to bring current so they do not lose their home or other property
- They have taxes, child support obligations, or student loans that cannot be wiped out by Chapter 7 bankruptcy
- They have moral convictions that all debts should be paid, no matter how long it takes
A Chapter 13 bankruptcy petition must include a proposed repayment plan that extends up to five years. The plan must provide for the payment of all priority claims in full.
The trustee reviews the plan for accuracy and feasibility and then distributes it to the creditors. The creditors may object to the plan if it is unreasonable. Once the plan is approved, you make monthly payments to the trustee, who then forwards those funds to your creditors in accordance with the plan.
Brian M. Mark helps his clients determine what bankruptcy option is right for them. Contact us for help with your bankruptcy matter. Call 407 705-3566 to file under Chapter 7 in Kissimmee.
