Previous posts here have discussed how individual Tallahassee consumers can get debt relief should they get suddenly overwhelmed by unexpected medical bills or an unforeseen job loss or other sudden drop in income. Family businesses that are generally well-run and profitable can also find themselves in sudden income crises, whether it is due to a change in market conditions or just some other financial decisions beyond the control of the business owner. This is often particularly stressful because a Florida resident may have a lot wrapped up both financially and emotionally in his or her family business.
When this happens, business owners can consider filing for Chapter 11 bankruptcy. By filing a petition under Chapter 11, a business will receive temporary protection from debt collectors while it goes about getting its financial affairs in order and negotiating a way to get its debts and underlying financial problems resolved. Assuming it does so, the court will have to approve the business's plan.