Chapter 7 bankruptcy is an important tool for people facing insurmountable debt. When the monthly costs and expenses exceed the monthly income, when collectors are calling regularly and when you are trying every month to figure out which bills not to pay in order to...
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Chapter 7
Why do people file for bankruptcy when their business closes?
When many people start a business, they don't want to have personal liability for the company's debts or lawsuits. An LLC or corporation prevents creditors or those injured by defective products from bringing claims against you, your assets or your future income....
How do you know which kind of bankruptcy to choose?
2020 has been a tough year, and it is safe to say that many businesses have struggled with a failing economy. If your business has created debts but is not bringing in the income you expected, then you may be in a position where you are looking into bankruptcy. As a...
What are the basics of Chapter 7 business bankruptcy?
If your business is in trouble, you may need to file for bankruptcy. The exact benefits and consequences of bankruptcy are somewhat different from chapter to chapter. Many businesses that are facing insurmountable debt opt for Chapter 7, or liquidation bankruptcy. The...
Which form of bankruptcy is better for my business?
Bankruptcy is a viable, honest means of giving your business a fresh start. Of course, it may not be the right fit for every business in financial turmoil. You would need to speak with your attorney or an otherwise qualified expert to know for sure. Common forms of...