Chapter 7 Bankruptcy for Businesses: Liquidation
Recent economic conditions have made it harder and harder for businesses of all sizes just to keep up with their expenses and debts. In some instances, the debt is simply too overwhelming and the business is not longer able to stay in operation.
Attorney James H. Monroe in Orlando, Florida has over 25 years of experience helping businesses file for Chapter 7 "business liquidation" bankruptcies. Mr. Monroe has been certified in business bankruptcy by the American Board of Certification.
James H. Monroe, P.A. can help you efficiently navigate this complex process. Call 407-872-7447 or contact us online for a free consultation.
Facts About Business Chapter 7 Bankruptcy
When a business files for Chapter 7 bankruptcy, the bankruptcy court appoints a Chapter 7 trustee to liquidate the business's assets and distribute the proceeds to the business's creditors. After this process is complete, the business ceases to exist and so do its debts.
Even though Chapter 7 bankruptcy means the business has to close down, it does have advantages, it signals the end of operation of the business and the creditors will no longer be able to undertake collection or litigation against the business.
Other Bankruptcy Options
A business facing bankruptcy can file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Chapter 7 is the only option that involves forfeiting all the business assets to creditors. Other forms of bankruptcy allow you to restructure your business, pay back all or a part of your debt, and keep the business in operation.
Only an experienced bankruptcy lawyer can say for sure which option will be best for you. To schedule a free initial consultation to discuss bankruptcy with attorney James H. Monroe, call 407-872-7447 or contact our firm online to set an appointment.
