Business Direction From Bankruptcy Attorneys
Business reorganization is sometimes a better choice than bankruptcy for companies trying to stay afloat in a tough economy. Florida businesses are taking a beating because consumers are affected by a slow recovery which translates to lower profit margins. When debt increases and revenue drops drastically, bankruptcy is often the first thing that people will try to alleviate the stress. Sometimes it’s the first step toward closing the business down.
A distressed business doesn’t have to file Chapter 11 bankruptcy. Winter Park bankruptcy attorneys Eric Lanigan and Roddy Lanigan have provided corporate debt restructuring which is a business reorganization for companies in crisis.
Building a successful business takes years of work and sacrifice. Most owners are hard pressed to submit to the humiliation of going broke after investing so much time, energy and money into a dream.
There is a very lengthy proceeding and creditors who can legally take ownership of a failing enterprise if the business has not protected its assets.
Chapter 11 commercial debt protection may be the most familiar to business owners but it’s a last ditch effort to keep the company running but it’s also an expensive one. Attorney fees can begin in the thousands and end in the hundreds of thousands.
When you add the emotional stress and the time it takes to handle day-to-day operations while meeting with trustees and attorneys, it’s easy to see why indebted entrepreneurs would want an alternative to the process of commercial debt protection. A business reorganization is the business owner’s way out of bankruptcy.
Attorneys Eric and Roddy Lanigan can help businesses:
- Facilitate corporate turnarounds
- Negotiate settlements
- Put companies back on a more solid financial structure
Sole proprietors, partnerships, limited liability corporations, and larger conglomerates can benefit from the professional expertise provided by corporate financial manangement agencies. The Lanigans act as financial consultants for business owners and will do a thorough assessment of the company’s fiscal strengths and weaknesses.
Business reorganization services include:
- Reviewing outstanding accounts
- Vendor and creditor obligations
- Employee payroll
- Facility leases
- Advertising and marketing costs
- Vehicle and travel expenses
- Account receivables and account payables
The goal of business reorganization is to negotiate with creditors, vendors, suppliers, and state and federal governments to arrange an amicable settlements, reductions, or modification of contracts and terms of payment.
Get a realistic review of your business from experienced Winter Park bankruptcy attorney Roddy Lanigan or Eric Lanigan. Find out if a business reorganization will work for you.