Business Chapter 7 Bankruptcy
Chapter 7 bankruptcies are not only available for consumers. Businesses can also benefit from filing for bankruptcy protection under Chapter 7.
Typically, in a The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.) Click for more: Chapter 7 Bankruptcy business A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code). Click for more: Bankruptcy Introduction Video, the company winds up its affairs and ceases doing business. In a business Chapter 7 bankruptcy, the businesses assets are liquidated (sold) to pay its creditors and any remaining debt will be discharged. Business owners contemplating a Chapter 7 should also consider a statutory procedure known as an assignment for the benefit of creditors which often ends up being more beneficial than filing bankruptcy.
Contact an experienced Chapter 7 business bankruptcy attorney to determine which options are right for you. Call (949) 450–8500 today for your FREE consultation.
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I’ve been an entrepreneur for decades, and I’ve known Mr. Grant Hallstrom for decades. There is simply no one better than Grant. My businesses have included everything from major apparel companies in Los Angeles, to NFL licensees, to high tech, to investments.