Legal Question in Bankruptcy in Florida

Reorganization or consolidation of debt

We are actively participating in the landscape/lawn business in Polk County florida. Due to overwhelming repairs/maintenance bills and losing clientele, we are experiencing bad times. we are over-extended on our credit. The banks, will not touch us. We still maintain a residual income, but we can't keep up with pymt amounts. Basically to give you an example, our residual income is 7,000 per month and our exp, accts pay, payroll are about 9,000! Also, I have a question about assets and continuing operations. In order to operate we will need our equipment, vehicles, and 2-3 credit cards (cash flow reasons), and of course the house I live in. Can we file bankrupcty and still continue our operation and hang on to cards needed? how long wil it take to establish future credit needs, for example increasing our equipment for future growth when that time comes which isn't far away?


Asked on 10/24/97, 12:05 pm

1 Answer from Attorneys
William W. Fernandez, Sr., J.D. Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law

Fla. Reorganization/Bkruptcy.

You need to schedule a meeting with a bankruptcy atty. to get a definitive answer. You can definitely file bankruptcy and could probably keep your equipment and vehicles. Your credit cards would be a different thing. How long to qualify for more credit is difficult to answer. Depends on many things such as how quickly you reorganize your business and how well you do, how the economy is doing, etc.Check with Lawyers Referral for the name of an attorney and get a 1/2 consult.

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Answered on 10/27/97, 4:12 pm


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