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Chapter 7 Bankruptcy For the Business Owner

Posted on in Bankruptcy Attorney

There are many reasons that a business can fold, but when you're the business owner, the process of dealing with the aftermath of your failed business can be overwhelming and emotionally difficult. That's why it's best to turn to a qualified bankruptcy attorney who can help you determine the best course of action for your specific situation. When you are more familiar with your options and have an idea of what to expect after a consultation with an attorney, the process of bankruptcy will be easier to deal with.

Chapter 7 bankruptcy may be the ideal situation for sole proprietors or small businesses. If you truly believe there is not hope for the company even with a business reorganization, Chapter 7 is the way to go. In this form of bankruptcy, a trustee is appointed to sell any assets connected with the business (this does include your client lists). The proceeds from those sales will be used to cover the debts of the business. This is a liquidation, and unpaid debts after the liquidation sale are forgiven, effectively closing the business for good. In some situations, when the assets are put up for sale and not purchased, you may be eligible to purchase back some of your assets. Contact your attorney for more specific details about whether this may apply in your case.

The costs of Chapter 7 bankruptcy for the business owner can vary, but for someone who is completely overwhelmed with debt, it's worth going through the process. If you have already attempted other means to get on top of the debts and to rectify outstanding problems with no luck, you need the services of a Chapter 7 Illinois bankruptcy attorney. Don't hesitate to reach out and start getting solutions to your problems and getting out from under the burden of debt.

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