During these uncertain times, you may be worrying about the best options for your business. Did you know that a business or LLC can file for Chapter 7 Bankruptcy?
How It Works
Just like an individual filing, the Chapter 7 Trustee will liquidate the assets of your business and settle your debts. However, exemptions will not be applied in a business filing. While the trustee is liquidating assets, your business will stop functioning. This will allow the trustee to sell off anything and/or everything in order to pay off creditors. The entire company will be liquidated. Typically, there is nothing left at the end of this process for owners. No discharge will be acquired through the bankruptcy, since creditors are unable to collect from a company that is no longer operating. However, speak with your attorney about any concerns regarding potential lawsuits. If you are looking to continue operating your business, speak to your attorney about filing under Chapter 11.
Need More Information?
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.