Bankruptcy Law, COVID-19, Debt Relief, Small Business Bankruptcy

How to Handle Business Bankruptcy in the Aftermath of the Coronavirus

The coronavirus (COVID-19) pandemic has hit South Florida businesses hard. Many small businesses have struggled to survive the shutdowns and drop in revenue, while others are pursuing bankruptcy as a means of remaining in operation while receiving financial assistance. For businesses who wish to make it through this time of crisis, help is available.

It has been reported that the number of businesses that filed Chapter 11 bankruptcy increased by 26 percent from the previous year, even though overall bankruptcy filings were down. These numbers are expected to continue to increase over the summer months as businesses begin to reopen.

Bankruptcy Law, Coronavirus, COVID-19

Bankruptcy and the Coronavirus: Help for Florida Small Businesses

The coronavirus (COVID-19) pandemic has been hard on businesses. During the shutdown, countless South Florida businesses were forced to shutter or adjust to a new normal, bringing in significantly less income than before. Many of these business owners have also been compelled to make some tough decisions, including the decision on whether to proceed with bankruptcy.

Bankruptcy can be beneficial for businesses that are struggling during this difficult time. The bankruptcy framework and the automatic stay that occurs immediately upon filing for bankruptcy offers relief that individuals and business owners desperately need.