Small business? Creditor problems? It may be time to think about Chapter 7 Bankruptcy for small business.
Chapter 7 Bankruptcy for small business, “straight bankruptcy” or “liquidation bankruptcy” is typically when a business is unlikely to recover from the financial woes that come with running a small business. If you are unable to pay your debts from the business than filing Chapter 7 Bankruptcy for your small business may be the best possible scenario. The idea with Chapter 7 Bankruptcy for your small business is that you will turn over all of your assets to your Chapter 7 trustee. Throughout this process you will need to stop all operations of the business and let the bankruptcy court liquidate all of the businesses assets.
To go through with a Chapter 7 bankruptcy for small business a petition will be filed with the bankruptcy court. This and the further processes we go over here is something that when we speak to you in person, we explain. Throughout this process we typically take care of the main legal parts so that you do not have to. End the end, our goal is to carefully assist you in your bankruptcy, however to file a bankruptcy properly we will need you to be truthful, honest and lay out each and everyone of your business assets. When we do process your chapter 7 bankruptcy there will then be an automatic stay, which means that your creditors are not able to contact you to collect on the debt, repossess or foreclose on your small businesses assets.
Whenever you file Chapter 7 bankruptcy for small business you must understand that you will have to sell all of your assets accrued through the company. The trustees liquidate everything to try and pay whatever they and you can to minimize the amount owed to your creditors. Filing bankruptcy for small business can be stressful, but that is why you’ve found us.
Let the Wesbrooks Law Offices here in Austin, Texas help you file your Chapter 7 bankruptcy for your small business.
If you are leery of liquidating your small business assets there are other types of bankruptcy for businesses such as Chapter 13 bankruptcy for small business. Get the best bankruptcy information from Mark Wesbrooks, Managing Attorney who is Board Certified, American Board of Certification, has credentials in Creditors Rights Laws and is a sustaining member of the American Bankruptcy Institute.Chapter 7 Bankruptcy for small business helps those small companies that need help to start over. Our office located in Austin, Texas. Board Certified, American Board of Certification.