Will there be more bankruptcy filings in Tampa? Perhaps. The Covid-19 or Coronavirus event, or more specifically, the response to what is described by some as the Coronavirus Pandemic, has resulted in the closure of many Tampa businesses, and the loss of employment for many thousands of persons living in Tampa, and its surrounding environs.
Most destructive is the restrictions on small restaurant owners. The small restaurants were the first target of the shutdowns. Those without a strong takeout clientele or a drive through service were undoubtedly heavily affected by the shutdowns. Many small businesses, and restaurants, even in the best economic environment, tend to struggle. The measures recommended, or possibly ordered, to address the described Coronavirus Pandemic, were for many small businesses in Tampa, the death knell.
For some Tampa businesses, bankruptcy may offer relief and the ability to continue the operations of the business or company. While bankruptcy may not permanently stop an eviction, bankruptcy can give the debtor sufficient time to cure arrears owing.
Bankruptcy may also allow Tampa businesses to reorganize their debts, through either a Chapter 13 bankruptcy, Chapter 11, or the newly available Chapter 5 for small businesses. Although Chapter 13 is available only to an individual and not a corporation, an individual operating as a non-incorporated sole proprietorship, for example may file Chapter 13 bankruptcy, to organize its debts. In such an instance, one can consolidate both personal and business debts into one device, the Chapter 13 bankruptcy.
There are options for individuals and businesses in Tampa struggling with debt. Since 1993, Weller Legal Group has represented many thousands of debtors in the Tampa area. In most cases, we are able to formulate a strategy that is amenable to our clients.
If you reside in Tampa or have business operations in Tampa, our office is conveniently located on Westshore Boulevard, between Dale Mabry and Lois. Mr. Weller, the principal attorney at Weller Legal Group will gladly meet with you to discuss any financial issues you may be experiencing. You may contact our office by calling 813-229-3328 or Toll Free at 1-800-407-3328 (DEBT). Also, you may contact us through our website at www.jayweller.com.
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