FOR IMMEDIATE RELEASE
LAW FIRM PREPARES FOR CORONAVIRUS-RELATED FINANCIAL PROBLEMS
Gainesville law firm ramps up to help local businesses affected by the novel coronavirus
GAINESVILLE, Florida,March 13, 2020— As the nation continues to implement protective measures like travel restrictions in response to the developing health crisis, some small businesses may be financially affected in the short term as customers discontinue travel and entertainment plans and put new projects on hold for now.
Small and medium-sized businesses may need temporary relief from creditors until business returns to normal. One Gainesville law firm is getting ready to help business clients get temporary relief from their creditors during the widespread health crisis until things get back to normal. “We are streamlining and preparing form packets to quickly help businesses with temporary Chapter 11 reorganization until the crisis passes and revenues come back,” said Jeff Childers, founder of Childers Law in Gainesville.
“As coronavirus-related protective measures continue to be put in place, many businesses are going to see significant reductions in revenue from reduced consumer spending,” said Childers. “Then, businesses who sell to those businesses will be affected, and so on, domino-style,” he said. “Chapter 11 puts most bills on hold and gives a business some breathing room,” Childers said, “allowing companies to focus on the most critical expenses, like keeping their employees paid.”
Childers predicts that if the national health situation continues to worsen, some Gainesville businesses may face difficult financial decisions. “Even though revenues drop radically because of a health crisis, bills still need to be paid,” he said. “Businesses may need some relief from their expenses until the economy recovers,” Childers said, “and we are preparing to meet that need.”
The sooner a business decides to file Chapter 11, the more options are available to help, said Childers.
Childers Law, LLC is a law firm specializing in commercial litigation and corporate legal services. It has significant experience in Chapter 11 practice for small and medium-sized business.