Can I keep my business open during a Chapter 11 bankruptcy?

Yes, you can keep your business open during a Chapter 11 bankruptcy in Florida. The purpose of Chapter 11 bankruptcy is to provide businesses with the opportunity to reorganize their debts to make them easier to pay back. Once you file for Chapter 11, you can remain in control of your business operations and assets. You will not have to sell off your business assets. It is important to note that during the bankruptcy process, creditors can propose a reorganization plan of their own. If they do, this could involve selling off some of your business assets or making other changes to the business. You must follow the court ruling and abide by the plan. There are a few conditions to this process. The court must approve a plan for the business to be viable after the reorganization. In addition, creditors may claim your assets and use the money to collect on the debts. You may also have to take on additional debt to pay for the reorganization process. Overall, the Chapter 11 bankruptcy process provides Florida businesses the chance to restructure and get back on track. While it can be an expensive and time-consuming process, it may be worth it for businesses who are otherwise unable to pay their debts.

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