Personal & Business Bankruptcy in Sarasota

R. John Cole, II, & Associates, P.A. practices both personal bankruptcy, business bankruptcy and can also assist you with foreclosure defense, loan modification and real property workouts.

There are few people who have not been impacted by the recent changes our economy has experienced. As a result, many people are forced to explore bankruptcy as a viable option for alleviating financial distress. In many instances, this has nothing to do with a bankruptcy candidate's irresponsibility or carelessness. Very often, circumstances beyond their control have led them to a point where bankruptcy is the only solution. These circumstances may include:

 At R. John Cole, II, & Associates, P.A., we have handled hundreds of bankruptcy cases of every variety. We have the experience, resources and creativity to provide you with options for starting over.

Consumer Bankruptcy

Personal bankruptcy is a federal process. Federal bankruptcy law provides individuals with the opportunity to either eliminate their debts, or to pay them back in a more manageable fashion. This occurs in two forms: liquidation and reorganization.

In a Chapter 7 bankruptcy, the debtor's property is sold, otherwise known as liquidated, to pay back some of the debt. After all non-exempt property is liquidated, the remainder of the debt is discharged. Chapter 7 is a viable option for debtors who possess few assets and little or no income.

The other common way to file for personal bankruptcy is a Chapter 13. This type of bankruptcy is more of a reorganization of debt. If the debtor is earning income, this form of bankruptcy will allow for the debt to be paid off in more manageable installments. In most cases, the debtor is obligated to pay at least the value of his or her non-exempt property.

Exemptions vary from state to state, and no matter what type of bankruptcy is being filed, an experienced and qualified attorney is essential to a successful filing.

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Business Bankruptcy

Many Florida businesses, large and small, are forced to consider bankruptcy due to economic conditions beyond their owners' control. R. John Cole II & Associates, P.A. has experience working with all types of businesses to create the smartest and most effective plan for recovering from a shaky financial situation.  Every business is unique and our attorneys can help business owners understand their options and determine the best course of action for their particular circumstances.

Chapter 7 business bankruptcy is for those business owners who want to eliminate all debt by liquidating their assets. Once the assets are liquidated, the debts are paid and the business owner is relieved of all responsibility.

For business owners who want to keep their business, Chapter 11 bankruptcy may be a better option. In these cases, the debt is reorganized in a way that will be easier for your business to pay off. This reorganization will be crafted based on your business's assets. If the plan is accepted in court, the debtor's unsecured debts are discharged.

Every business brings with it a special set of circumstances and history. At R. John Cole, II, & Associates, P.A., we have the experience necessary to analyze your particular situation and help you form the best plan possible for recovery from financial burden.

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Contact us today

We are available to discuss your bankruptcy needs immediately. Contact R. John Cole, II, & Associates, P.A. at (941) 365-4055 today.