Small Business Bankruptcy
In addition to representing individuals and married couples in Chapter 7 and Chapter 13 bankruptcies, we also provide small businesses with Chapter 7 liquidation assistance.
Small Business Chapter 7
If your business is experiencing serious financial problems, we can be of assistance. In situations where it seems that the business will be unable to pay its debts as they come due or simply continue as a going concern, a Chapter 7 bankruptcy filing may be appropriate.
Similar to an individual Chapter 7 bankruptcy, a small business Chapter 7 bankruptcy is commenced by the filing of a petition, schedules, and statement of financial affairs. While there is no credit counseling requirement for business cases, a company representative must attend one court hearing called the 341 Meeting of Creditors.
Essentially, the company turns over all of its assets to the trustee, which are then sold. The proceeds of the sale are then used to satisfy administrative expenses and creditor claims.
The primary benefit of this type of bankruptcy is the automatic stay, which prevents creditors from disrupting the dissolution of the company with harassment, collection suits, repossessions, or foreclosures. It also allows the business to wind down quickly and affordably and is a useful technique to avoid confusion in the marketplace should you desire to start a new business in the future.
To find out whether a Small Business Chapter 7 is right, click here or call (904) 652-2400 to schedule a free consultation. We also assist individuals and married couples with filing bankruptcy under Chapters 7 and 13 of the Bankruptcy laws.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.