Bankruptcy may offer viable options
Your financial troubles might be extremely challenging, but they aren’t necessarily insurmountable. Although you may have blurred the line between where your business accounts end and your personal finances begin, there are certain forms of bankruptcy that could potentially help you deal with your debts to creditors in Florida and elsewhere. Of course, it’s important that you make the right choice about what kind of bankruptcy you want to declare.
You might have several options for dealing with insolvency. For instance, you may prefer to keep your business going by using some of its existing assets or future profits to pay off creditors over time. On the other hand, you could opt to close your doors for good and start over by rebuilding from the ground up. Many individuals simply want to avoid having to pay off business debts with their own money or family resources.
To take full advantage of these bankruptcy mechanisms, you need to have a thorough understanding of their differences and nuances. Pursuing a specific form of bankruptcy provides you with certain rights, but it also limits the kinds of actions you can take after filing. Your bankruptcy filing may also include a repayment plan or protracted creditor negotiations that must be managed properly to keep you out of further trouble.
Our goal is to ensure you fully comprehend what it means to file bankruptcy and how it can change your fiscal outlook. We work hard to help you make an educated decision that separates your personal life from your business affairs and allows you to move forward responsibly. If you’d like to learn more about viable options for climbing out of debt, you can read our page on bankruptcy alternatives for additional insights.