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Current News and Updates:

For the Latest News and Updates, Click Here to Go to the Chapter 11 Bankruptcy Blog

Jason A. Burgess was featured recently in The Daily Record and the Jacksonville Business Journal in Jacksonville, Florida.

We're not out of the woods yet [June 28, 2012]

Per the Jacksonville Business Journal The Law Offices of Jason A. Burgess, LLC had three of the top twenty largest cases in 2011 for Jacksonville, Florida [December 28, 2011]

Seven Duval Hotels File Chapter 11 Since Jan. 1 [April 8, 2011]

It's a record: Bankruptcies end 2010 near 67,000 [January 7, 2011]

Bankruptcies: Record year within reach [December 10, 2010]

Decrease in business bankruptcies not expected to last [October 18, 2010]

Bankruptcies: Nine-month rate continues at record [October 7, 2010]

Bankruptcies tracking to trump 2009 [August 13, 2010]

District bankruptcies nearing annual 70,000 [July 13, 2010]

Brunell Chapter 11 'sign of the times' [July 7, 2010]

See Jason Speak in Jacksonville:

"Lien Stripping" Junior Mortgages

 




Advantages of Chapter 11 for Businesses

There are several reasons for businesses facing tough financial times to look towards Chapter 11 for help. Just a few reasons are listed below:

1. It allows businesses to restructure unsecured debt. This means a business may only have to pay a fraction of their actual debt back to creditors and can still successfully operate their business during and after the Chapter 11 case.

2. It allows multi-location businesses to close some locations and to keep other locations up and running. This allows a business to keep profitable locations and to close unprofitable ones with little to no financial consequences.

3. It provides businesses time to deal with IRS and other tax debt, allowing these debts to be repaid over a long period of time with little to no interest and absolutely no penalties.

4. It allows businesses to stop foreclosure on valuable property that is imperative to the business.

5. It allows businesses to restructure real property loans to the current market value with a fixed interest rate over a new term.

6. It stops payments to creditors for a period of time after filing, allowing businesses to build up a possible cash reserve while deciding how to proceed with the business.

7. It allows businesses to deal with union contracts that may be killing cash flow.

8. It immediately stops any legal action against the company, including foreclosure proceedings.

There are many other advantages for a business to at least consider Chapter 11 bankruptcy when faced with tough financial times. Please feel free to call (904) 372-4791 to set up a free consultation to discuss what a Chapter 11 can and cannot do for your business. You may also email jason@jasonaburgess.com.

 
 
   
  The Law Offices of Jason A. Burgess, LLC 1855 Mayport Road, Atlantic Beach, Florida 32233   "We are a debt relief agency and help businesses and individuals file for bankruptcy under the bankruptcy code."