How to File for Business Bankruptcy in Florida
Businesses, just like individuals, can sometimes wind up in a desperate financial situation where filing for business bankruptcy is the only solution. If bankruptcy is an option for your Florida business, you will need to hire a local bankruptcy attorney to file your bankruptcy petition. In Florida, businesses, unlike individuals, cannot represent themselves in federal bankruptcy court. However, businesses can save on litigation costs by doing some of the legwork before hiring an attorney.
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Instructions
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Determine which bankruptcy chapter your business should file under and confirm eligibility. Most businesses file for bankruptcy under Chapter 11, which is a reorganization of business debt that allows the business to continue operating. However, small businesses such as sole proprietorships, sometimes qualify under Chapter 13, which is also debt reorganization with a payment plan. All businesses can also file under Chapter 7, which is a total liquidation of assets; however, businesses typically do not file under Chapter 7 unless they also want to dissolve the business.
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Locate the Florida bankruptcy court that handles business bankruptcies in your area.
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Hire a bankruptcy attorney licensed in Florida who specializes in business bankruptcy to complete the bankruptcy petition and file it with the court on behalf of the business.
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