What is the name of your state (only U.S. law)? Florida
We are currently operating a restaurant and due to severe market conditions considering filing for bankruptcy as one of the main options. The restaurant is currently listed for sale but due to declining sales and negative profit, it would be almost impossible to sell it. During the closing we have also signed the "personal guarantee" disclosure and therefore are concerned with regards to personal assets if we file for bankruptcy. Can someone please advice what are my options with regards to bankruptcy and what is the best way to handle it? I would really appreciate any feedback or comments.
We are currently operating a restaurant and due to severe market conditions considering filing for bankruptcy as one of the main options. The restaurant is currently listed for sale but due to declining sales and negative profit, it would be almost impossible to sell it. During the closing we have also signed the "personal guarantee" disclosure and therefore are concerned with regards to personal assets if we file for bankruptcy. Can someone please advice what are my options with regards to bankruptcy and what is the best way to handle it? I would really appreciate any feedback or comments.