Non-Bankruptcy Options for Businesses in Fort Lauderdale
Strategic Solutions to Financial Adversity
If your debts and liabilities have exceeded your assets and profits as a business owner, you aren’t alone. But finding a tailored solution that suits both your short- and long-term goals may be difficult, especially if you aren’t familiar with all of your options.
Many business owners believe bankruptcy is the only way to achieve financial freedom, but our small business debt relief team at LSAS Attorneys have over eight decades of combined experience finding alternatives for businesses who can’t or don’t want to file bankruptcy. Your business’ strategic objectives may be achieved through less-intrusive processes involving out-of-court negotiations with your creditors and other third parties.
Liquidation Through an Assignment for the Benefit of Creditors
An Assignment for the Benefit of Creditors (ABC) is similar to bankruptcy, but it is state-regulated rather than federally governed.
Here are the key components of an ABC:
- With our counsel, you choose an assignee to take control of your assets, liquidate them, and use the proceeds to pay your creditors.
- Your assignee will be a skilled professional with experience in asset liquidation as well as business management.
- You can stay actively involved in the process, rather than giving your creditors complete jurisdiction.
Unlike bankruptcy, an ABC will not automatically end collection attempts, but the process will result in a release of liability for you, your business, and any other business owners.
Out-Of-Court Negotiations in Miami
Liquidation through federally governed bankruptcy or a state-governed ABC proceeding may not be your best course of action. Direct negotiations with your creditors may yield the results you need without having to take your case to the courtroom.
Direct negotiations may be your best option if your business has sufficient assets to satisfy its obligations, and each creditor agrees to receive:
- Less than they are due; and
- More than they would receive in a bankruptcy or ABC process.
LSAS Attorneys strives to convey this message to your company’s creditors. Because we have decades of experience representing clients on both sides of the aisle, we understand creditors’ methods, motivations, and rights. We appeal to their goals in order to achieve yours—without the hassle of a court proceeding, and without compromising your needs.
Obtain Personalized, Creative Solutions from LSAS Attorneys
Our small business debt relief attorneys owe our Miami clients the duty of exploring all options at their disposal. We explain the advantages and drawbacks of each possible path, allowing you the opportunity to determine whether the suggested option is best for your unique needs and goals. Whether your best option is an out-of-court negotiation, an Assignment for the Benefit of Creditors, or bankruptcy, we will advocate for your best interests and help you obtain a new financial beginning for your business.
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