Attorneys at the Affinity Law Firm represent individual debtors in Chapter 7 and Chapter 13 here in Jacksonville.

We also represent business Chapter 11 or Chapter 13 cases in the State of Florida.

Call today for a Bankruptcy Consultation.


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Gust Sarris
I was a business consultant and Entrepreneur for many years. During this time I had many attorneys and often felt that they certainly knew the law but often did not understand my business. About 8 years ago through my business efforts, I was in a place and time in my life where I could take some time off. I was always curious about the law and made the decision to attend law school. The first law practice I joined was not a fit for me. When I left I wanted to have a law firm that understood business and had a common sense approach to all forms of law The Affinity Law Firm was founded and immediately merged with the Law Office of Millie Kanyar. A strong partnership was formed that relied strongly on technology, business models, and an "affinity" for the law. In a short time another partner joined, Graham Syfert, and we have not stopped growing. Affinity Law now handles many types of law but has not forgot the basics that client service is number one. From the sound of our name you will find our approach to law refreshing. I hope that if you have read this far you will give us your enough trust to come in and see us and we will earn your trust. - Gust Sarris
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Jacksonville Bankruptcy Basics - Chapter 11

Chapter 11: Reorganization

The most common form of bankruptcy for businesses who wish to remain operative while they restructure their current debts, Chapter 11 bankruptcies are a useful tool to remain afloat during times of business duress. 

This type of bankruptcy is available to any person and any business to include railroads; but is not available to stockbrokers, commodity brokers, insurance companies, and banking institutions (except an uninsured state member bank).

Chapter 11 is primarily used by businesses (e.g. partnerships, corporations, LLC’s, etc.) because it is a system setup to accommodate individuals with highly complex affairs, large debts, armies of creditors, employees, and shareholders. In most cases, Chapter 11 should only be used by “real people” when they don’t qualify under Chapter 13 because they’ve exceed the statutory debt limit.

Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A corporation exists separate and apart from its owners, the stockholders. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value of their investment in the company's stock. A sole proprietorship (owner as debtor), on the other hand, does not have an identity separate and distinct from its owner(s). Accordingly, a bankruptcy case involving a sole proprietorship includes both the business and personal assets of the owners-debtors. Like a corporation, a partnership exists separate and apart from its partners. In a partnership bankruptcy case (partnership as debtor), however, the partners' personal assets may, in some cases, be used to pay creditors in the bankruptcy case or the partners, themselves, may be forced to file for bankruptcy protection.

If you think that Chapter 11 bankruptcy is an option for you, contact Affinity Law Firm for a consultation.


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Phillips Law PLLC said...

I am grateful for this blog to distribute knowledge about this significant topic. Here I found different segments and now I am going to use these new instructions with new enthusiasm. debt settlement negotiation

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