CHAPTER 7 BANKRUPTCY FOR BUSINESSES

REPRESENTING BUSINESSES OF ALL TYPES

Chapter 7 bankruptcy, typically referred to as a “liquidation” bankruptcy, offers debtors the opportunity to eradicate their debt by liquidating assets. This type of bankruptcy can give a debtor immediate relief from debt collection efforts and can provide those in debt with an opportunity at a new and fresh financial start. No matter if you are a business owner or you operate a corporation or LLC, you can benefit from working with an experienced and skilled Fort Worth Chapter 7 bankruptcy lawyer.

Filing for bankruptcy is something that should not be taken lightly. Whether you decide to file as a sole proprietor of a business or on behalf of your company, I can offer you the guidance and counsel you will need through every step of these proceedings. At the beginning of this process, I counsel my clients on the advantages and disadvantages of a Chapter 7 bankruptcy and how they and their businesses may be affected. These proceedings can be complicated, and I provide the specific information you need for your unique situation. I can also address any immediate concerns you have while giving an honest evaluation of what Chapter 7 might be able to do for your future.

“Days are expensive. When you spend a day you have one less day to spend. So make sure you spend each one wisely.”

Jim Rohn

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ADVANTAGES AND DISADVANTAGES OF CHAPTER 7 FOR A BUSINESS

If you pursue a Chapter 7 bankruptcy case, some specific advantages and disadvantages should be considered. As a Fort Worth bankruptcy attorney, I will take the time to review all of these options with you and explain how they pertain to you and your situation. In the interim, this list can provide some fundamental insights into the benefits and drawbacks of Chapter 7.

Chapter 7 bankruptcy can offer advantages:

  • All debt collection efforts against your company must immediately cease when the case is filed.
  • The bankruptcy trustee will liquidate all of the assets of your business. This process is typically very orderly and will not require the business owner to directly settle with creditors.
  • The owners and/or directors must cooperate with the appointed chapter 7 trustee.

Chapter 7 bankruptcy does have a few disadvantages:

  • Your business must cease operations. At the end of the process, Chapter 7 bankruptcy will result in the end of your company.
  • You cannot directly sell the business after filing Chapter 7.
  • If you were to sell your company’s assets on your own, you might be able to get a better price than what the Chapter 7 bankruptcy trustee will likely get.

QUALIFIED FORT WORTH BANKRUPTCY ATTORNEY

Even with these benefits and disadvantages in place, each case is unique and needs to be reviewed to see what the best option is for you and your business. Sometimes the best course of action is to file a Chapter 7 bankruptcy, but that is not always the case. No matter your situation, hiring an experienced attorney is the best way to move forward.

Devoted to you.
all the way through.