Liquidate Business Assets Efficiently
You may find that the best option to solve your business’s debt problems may be to liquidate its assets and shut its doors. If so, our attorneys at Springer Larsen Greene, LLC, can help you through the process to ease your burdens and help everything run smoothly.
Understanding Chapter 7 Business Bankruptcy
Chapter 7 bankruptcy is generally the easiest way to discharge debts. In this type of bankruptcy, also known as liquidation, a trustee takes possession of a business’s assets and uses the sale of those assets to repay creditors. Creditors are paid in order of risk, with those who took the most risk paid last. In general, secured creditors are paid first, followed by unsecured creditors, bondholders and, finally, stockholders. Once your case is filed, your creditors must stop all collection activities, including lawsuits and wage garnishments. When your case is discharged in approximately three to four months, you will no longer be liable for any debts that were discharged.
When To File For Chapter 7 Business Bankruptcy
Often, whether your business should file for Chapter 7 bankruptcy protection depends on how closely your (and/or your business partner’s) personal finances are tied to the company. Business bankruptcy filings can be complex, so it is important to hire an experienced attorney to handle these matters and any bankruptcy litigation that may arise in the course of the proceedings. Our attorneys have decades of experience handling bankruptcy cases for businesses of all types. Call us today to learn how we can help your business solve its debt problems.
Discover If Chapter 7 Bankruptcy Is Right For Your Business
Sometimes, the best way to handle business debts in Illinois is to start from scratch. Want to figure out what your options are? Speak with one of our Wheaton-based lawyers today by calling 630-912-5871 to schedule a consultation.