Filing for Chapter 7 Business Bankruptcy
If your business is in trouble, it’s understandable that this time is probably both difficult and stressful. Undoubtedly, you are searching for the best option for you and your business, Chapter 7 business bankruptcy may be the optimal direction to go.
By providing personal attention to your case situation, we at Law Office of Henrik Mosesi strive to make this process as simple and clear for you as possible. With a direct interview and various updates on the status of your case, we make sure that you remain informed throughout the entire process. We value the fact that every bankruptcy case is unique, so it is important to us that each case be handled with the personal touch it needs.
What is Chapter 7 Business Bankruptcy?
In filing this form of bankruptcy, your business’s assets will be liquidated in order to settle debts and fulfill financial obligations. Unlike Chapter 7 personal bankruptcy, there are no exemptions for businesses when they file.
The Bankruptcy Process:
- Business ceases operation.
- The court creates a bankruptcy estate, giving an appointed trustee control of the liquidation.
- The trustee sells all of the businesses assets in order to repay outstanding debts.
Is Chapter 7 Bankruptcy Right for my Business?
For businesses that are not likely to continue operating and have the intention to close, Chapter 7 is the right choice. If you wish to stay in business, filing Chapter 13, may be a more suitable option. This requires a repayment plan to your creditors.
Filing for Chapter 7 is most likely best for LLC’s (limited liability companies), partnerships, corporations, and sole proprietorship who have a personal responsibility for their debts. Because of federal laws and regulations it is crucial to get guidance from a qualified attorney to help handle the specifics of your case.
Please contact us at Law Office of Henrik Mosesi today, so we can guide you and your business through the process of filing Chapter 7 business bankruptcy. Call our office at 310 734-4269 or 818-476-5529.