Chapter 7 Corporate Bankruptcy Attorneys in South Florida
Working for Our Clients from Offices in Pompano Beach & Miami
Like individual debtors, businesses and corporations can file for bankruptcy when debts become overwhelming. However, personal and business bankruptcies are governed by different procedures and rules.
If you are a business owner who needs to file for Chapter 7 bankruptcy on business debts, our attorneys can help you. At Bilu Law, we are deeply knowledgeable and experienced in many aspects of bankruptcy law. We can help you wipe away debts and obtain a fresh financial start.
Filing for Chapter 7 as a Business
Just like for a personal bankruptcy, Chapter 7 corporate bankruptcy is a liquidation process. A private trustee is appointed to gather a debtor’s non-exempt assets and sell them to repay creditors a portion of what is owed. However, the assets in this case are those involved with the business.
The debtor, which is the business filing for bankruptcy, will turn over all operations and assets of the business to the appointed trustee immediately upon filing. The private trustee will gather the assets for sale to pay the creditors. The trustee will bring whatever actions are necessary to recover assets of the debtor.
Should I File for Chapter 7 Corporate Bankruptcy?
Not every corporation is a fit for Chapter 7. In a Chapter7 filing, the corporation will cease all operations, with the exception of those actions necessary for the private trustee to gather the assets for distribution to creditors. If you wish to continue operation your business, other forms of business bankruptcy may be preferable, such as a corporate Chapter 11.
As with all bankruptcies, it is the best practice to speak to an experienced bankruptcy practitioner about filing a Chapter 7 prior to moving forward. The professionals at Bilu Law are here to guide you through this process to help your business get the fresh start that you deserve.