Recent Blog Posts
Hurricane Damage to Tampa Bay Businesses and Creditors
When Storms Strike: A Tampa Bay Business Faces Bankruptcy After Hurricane Damage Hurricanes are forces of nature that can change lives overnight. For many Tampa Bay businesses, these storms bring more than just rain and wind; they bring financial struggles and tough decisions. One local business recently crumbled under the pressure of hurricane damage,… Read More »
SBA Loan Interest Rates and Small Business Bankruptcy: A Challenge for Tampa Entrepreneurs
Understanding SBA Loans in Tampa Small Business Administration (SBA) loans are a lifeline for many small business owners in Tampa. They provide essential funding needed to start, sustain, or expand a business. However, when SBA loan interest rates increase, it can throw a wrench into the plans of local entrepreneurs. Imagine trying to keep… Read More »
Florida’s Increased Vehicle Exemption
Unlocking Financial Freedom: Florida’s $5,000 Vehicle Exemption in Bankruptcy Filing for bankruptcy can feel like standing at the edge of a cliff. The fear of losing everything might grip you tight. But wait! In Florida, there’s a safety net—specifically for those who own vehicles. The $5,000 vehicle exemption can help you keep your ride… Read More »
Financial Relief for Medical Practices in Florida
Financial Struggles Faced by Small Medical Practices in Covid-Stricken Florida Introduction The Covid-19 pandemic has had a profound impact on small medical practices in Florida, creating a myriad of financial challenges that were previously unforeseen. In this article, we will delve into the specific issues that small medical practices in Florida are facing as… Read More »
Chapter 11 Bankruptcy And PPP Loans, SBA Loans
The SBA has begun pursuing collections against small businesses for the EIDL loans that were not forgiven. In the Tampa Bay area, we are seeing a lot of businesses having to appeal decisions made by the SBA regarding their forgiveness applications. Fortunately there are legal options. Businesses throughout the Tampa Bay area that have… Read More »
Chapter 11 And SBA Loan Cram Downs
Any business in the Tampa Bay area that received an SBA loan and has since filed for Chapter 11 bankruptcy may be concerned about creditor objections to the treatment of SBA loans in a reorganization plan, particularly those loans with collateral and personal guarantees. In some situations, it may be possible for business debtors… Read More »
SBA Loans and How Collateral on Real Estate Works in a Bankruptcy
Businesses throughout the Tampa Bay area applied for loans through the U.S. Small Business Administration (SBA) as a result of losses caused by the COVID-19 pandemic. Some types of SBA loans disbursed through the CARES Act, and which may be newly available to business owners in a second round of lending, do not require… Read More »
COVID Medical Expenses and Discharges Medical Bills in Chapter 7 Bankruptcy
Millions of Americans are experiencing significant financial difficulties as a result of the pandemic and are considering bankruptcy. This is including individuals and small business owners in the Tampa Bay area. For many Tampa-area residents, financial problems are compounded by illness due to COVID-19. To be sure, a large number of people in Florida… Read More »
What Happens When a Business Got SBA Loans and Later Went through Bankruptcy?
In Spring of 2020 and later, many businesses throughout the Tampa Bay area received SBA loans as a form of COVID-19 relief. Those loans included loans through the Economic Injury Disaster Loans (EIDL) program and Paycheck Protection Program (PPP) loans. For some of those businesses, the loans were sufficient to cover the significant losses… Read More »
Personal Guarantees on Commercial Leases When a Business Closes or Files Chapter 7
When a business in the Tampa Bay area is struggling to pay its debts and to keep its doors open, the business owners might be considering the possibility of business bankruptcy or closure. For many businesses, Chapter 11 bankruptcy is the best option because it allows the business to remain open while reorganizing debts… Read More »
