Any resident of Tallahassee, Florida, who takes the plunge and tries to start his or her own business should really be applauded for their courage. Starting one’s own business takes a lot of skill, planning and, perhaps most of all, hard work and persistence.
Even with these good habits, many if not most new businesses wind up failing, as it also takes a great deal of luck and good timing to get a new company off of the ground.
When it becomes apparent that one’s beloved business is going to fail, it can be a tough time emotionally for the Florida business owner who put a lot of sweat in to making that business succeed, seemingly for naught. It can also be a tough time financially for the owner. As a previous post discussed, owners of new businesses often have to assume personal liability on their start-up costs, which means if a business winds up failing, the owner can be on the hook for thousands of dollars in business debt.
While we aren’t always able to save a business from failure or financial distress, our law office is available to help business owners experiencing a business failure land on their feet financially so that, one day, they may even be able to try again to own a business.
For instance, depending on the circumstances, we may be able to help our clients file a Chapter 13 bankruptcy or Chapter 11 bankruptcy so that they can re-organize their business affairs and, perhaps, avoid having to close the doors of their business. In other cases, even if the business cannot be saved, we can help an owner file a personal Chapter 13 or Chapter 7 bankruptcy so they can have their personal liability for the business debts discharged.