When you think about Chapter 7 bankruptcy, do you imagine a bankruptcy for a business or an individual? Often, this kind of bankruptcy is seen as something that consumers use, but the truth is that it can be beneficial for businesses as well. If you’re struggling with your business’s debts, it could also be an option for your business.
Chapter 7 bankruptcy is also known as liquidation bankruptcy because it often requires some assets to be sold off to pay back debts. However, depending on the assets you have, you could find that they are mostly exempted from being sold, saving you money and allowing you to keep the assets that you need.
Why work with a Chapter 7 business bankruptcy attorney?
One reason to work with an attorney is that they’re familiar with the laws and can help you learn all you need to know about how to file for bankruptcy. Your attorney can also talk to you about other options, such as filing for Chapter 11 business bankruptcy, deciding if you want to remain open for business, if it would be better to close and other important factors.
No two bankruptcy cases are the same, so it’s smart to talk with someone who is familiar with what to do based on your specific circumstances. You may not be familiar with the bankruptcy process, but your attorney can help by walking you through the steps and making sure that you are taken care of throughout the process.
Our website has more information on business bankruptcy and what you should do if you are overwhelmed by your business’s debts. Good support can make a difference as you plan for the future of your company.