Chapter 7 Bankruptcy for Small Businesses
Chapter 7 Bankruptcy for Small Businesses
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Chapter 7 Bankruptcy for Corporations and LLCs
Filing for business bankruptcy means someone else steps in to liquidate your business’s assets and settle its debts (in this case, the bankruptcy trustee).
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Will You Have to Close Your Business if You File for Personal Bankruptcy?
Just because you own a company business doesn’t mean that the Chapter 7 trustee will automatically close the business and inventory its assets. It will often depend on whether the trustee can sell any business property and whether you have liability insurance.
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Chapter 7 Bankruptcy for Partnerships
A partnership is allowed to file for Chapter 7 bankruptcy. However, depending on the type of partnership and the value of the partnership assets, filing for Chapter 7 may not be a good solution for the partners. In fact, there are several big reasons why Chapter 7 is often not helpful to partnerships.
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.
