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 Chapter 7The 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 bankruptcyA 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.