Jupiter Family & Small Business Bankruptcy Lawyer
For many people, owning their own business is a lifelong dream. Unfortunately, with small and family run businesses, there is often a temptation to mix business assets with personal property. Dipping into family funds to pay expenses or putting up your home as collateral for business loans can have devastating consequences. At the law firm of Nowack & Olson, PLLC, we have over 40 years combined experience in representing business owners in these types of situations. Our Jupiter family & small business bankruptcy lawyers can help you find solutions to maintain your business, along with your own financial security.
Struggling With Business Debts?
Operating a small or family run business can end up costing you significant amounts in terms of your own investment. There are operating costs, such as building rental, inventory, office supplies, and employee wages that must be paid. Even if you operate your business out of home, you are likely to have advertising costs, licensing fees, and insurance expenses to contend with.
In addition to these expenses, which can end up totalling tens or even hundreds of thousands of dollars, there are always hidden expenses. According to Small Business Trends, these may include:
- Shrinkage, which is losses in inventory due to damages, administrative errors, and employee theft;
- Employment recruitment and training costs, particularly when you have a high rate of turnover;
- Payroll taxes and benefits, which must be attended to according to state and federal guidelines to avoid costly penalties;
- Legal fees, which are necessary both in conducting your business and in avoiding liability.
In order to meet these costs, small and family owned business owners may opt to take out personal loans, dip into retirement or savings accounts, or use the family home as collateral. Paying these debts can be a struggle, particularly if you are operating a new business or one that is not making the amount of profit you had originally hoped for. In these situations, our Jupiter family owned and small business bankruptcy lawyers provide the solutions you need to protect yourself and your investment.
We Offer Solutions for Small and Family Owned Businesses
At the law firm of Nowack & Olson, PLLC, our legal team can advise you on whether your small or family owned business can benefit by filing for bankruptcy through the Florida Courts. A chapter 11 bankruptcy is designed to help business owners reorganize their debts, letting them make agreements with vendors and suppliers for more reasonable payment terms. By allowing you to pay past due debts over time, you can retain your own personal property, protect your investment, and ride out this difficult period with your business intact.
Contact Us Today for Help
At the law firm of Nowack & Olson, PLLC, we provide the support and experienced legal guidance small business owners need to surmount hurdles they face. If your business is experiencing financial struggles and is having problems meeting operating expenses while paying off debts, contact our Jupiter family and small business bankruptcy lawyers and request a free, 60-minute consultation today.