When you see signs in business windows and storefronts that read, “Going Out Of Business,” ceasing operation is not as simple as locking the door one last time. The company has assets and debts just like an individual may, and those need to be settled before the business can end all operations and close.
As a La Grange business bankruptcy attorney, I help corporations, sole proprietorships, partnerships and other business entities file for Chapter 7 bankruptcy for businesses. After decades of experience in this area of law, helping individuals, corporations and fellow attorneys work through complicated bankruptcy matters, I have gained an unmatched level of experience and knowledge. I can bring this top-tier skill and straightforward legal representation to your case as well.
How Does Chapter 7 Bankruptcy Apply To Businesses?
A business may choose to file Chapter 7 bankruptcy when it is planning to cease business operations entirely. Through Chapter 7 bankruptcy, a bankruptcy trustee is appointed by the court to assume control over the business. He or she must work with creditors and customers to finalize all outstanding accounting and financial matters.
The bankruptcy trustee collects all receivables and liquidates business assets. He or she then divides the available funds among creditors that the business has outstanding debts with. As you can see, this is somewhat similar to the proceedings in Chapter 7 bankruptcy for individuals.
If a business is hoping to use bankruptcy reorganization to remain in operation, then Chapter 11 bankruptcy may be the appropriate option. Before making any decisions about these matters, make sure to discuss your business bankruptcy needs with an experienced bankruptcy attorney.
Contact Cook County Chapter 7 Bankruptcy Attorney David P. Lloyd Today
Plant the seed today for a fresh start tomorrow. By scheduling a free consultation with David P. Lloyd, Ltd., online or by telephone at 708-937-1264, you can work directly with an Illinois lawyer who knows bankruptcy and how it can unearth new potential. There is no need to hesitate in getting information that addresses your unique needs. I look forward to hearing from you.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.