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 LSS Law have over seven 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.
Are you ready to recalibrate your business finances? Contact our small business debt relief lawyers in Miami at (954) 516-2566 today.
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:
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.
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:
LSS Law 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.
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.
Request your complimentary consultation with our small business debt relief lawyers in Miami by calling (954) 516-2566 today.
The often times difficult Chapter 11 bankruptcy that traditionally favored larger companies is now available for small businesses through The Small Business Reorganization Act. Allows us to help you build a comprehensive strategy to navigate the process with the help our recognized team.
Contact us for a no-cost, no-obligation, bankruptcy strategy session.
