Individuals and businesses alike can benefit from liquidation under chapter 7 of the Bankruptcy Code:
Chapter 7 is known as the “liquidation bankruptcy’’ because it discharges most of your unsecured debt, such as credit cards, medical bills and personal loans. If you qualify, you may be forced to sell any non-exempt assets; most chapter 7 filings, however, are “no asset” cases -- meaning there is not enough equity or value in the property for a trustee to sell it and pay off creditors. Generally, the Chapter 7 process can be completed in four to six months, and at the end most debtors receive a discharge.
The needs of a small business considering bankruptcy require special consideration. Your business is small, but we recognize that your needs are as complex as many larger cases. If you are a business owner seeking an organized manner in which to wind down and distribute remaining assets to creditors, we will work with you to address your specific needs.