What happens when I file Chapter 7 Bankruptcy and I own a business?

If you own a business and need to file for Chapter 7 bankruptcy, it is important to understand the implications for your business and your personal finances. In a Chapter 7 bankruptcy, the business's assets will be sold and the proceeds will be used to pay off its creditors. After the bankruptcy is complete, the business will be dissolved.

Here are some steps you can take if you need to file Chapter 7 bankruptcy for your business:

  1. Hire a qualified bankruptcy attorney who has experience working with businesses. Your attorney can help you understand the bankruptcy process, determine which debts can be discharged, and protect your personal assets to the extent possible.

  2. Gather all of the necessary financial documents for your business, including tax returns, bank statements, and any contracts or agreements with creditors.

  3. Meet with your bankruptcy attorney to review your financial documents and determine which debts can be discharged in the bankruptcy. This will help you understand which creditors will be paid and which will not.

  4. Prepare to sell your business's assets. Your bankruptcy trustee will sell your business's assets and use the proceeds to pay off its creditors. You should be prepared to provide a list of all of your business's assets and their estimated value.

  5. Work with your bankruptcy attorney to prepare for the bankruptcy hearing. You will need to attend a hearing where you will answer questions about your financial situation and the reasons for your bankruptcy.

  6. Cooperate with your bankruptcy trustee throughout the process. Your trustee will be responsible for selling your business's assets and distributing the proceeds to your creditors. You should be prepared to provide any information or documentation your trustee requests.

Filing Chapter 7 bankruptcy for your business can be a complex and challenging process. It is important to work with a qualified bankruptcy attorney who can help you. If you are interested in filing bankruptcy please contact Hishaw Law LLC at 1.307.228.0407 if your located within the state of Wyoming or 1.704.218.9883 if you live in the Charlotte, North Carolina area or email us at jhishaw@hishawlaw.com.

“I didn’t know a thing about bankruptcy, I needed to get back on my feet and unfortunately I couldn’t do it by myself. This is where Hishaw Law comes in, she was a Godsend. She walked me through every detail of what I needed to have and what I needed to do to get my bankruptcy started. Any time I had a question, concern, freak out, she was there to help me through it. I never had any doubt that she was doing her job and doing it very well. I would highly recommend Attorney Hishaw for your attorney needs.”

-Kendra, Bankruptcy Client 2018

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