Chapter 7 Corporate Bankruptcy Attorneys in South Florida
Working for Our Clients from Offices in Pompano Beach & Miami
A Chapter 7 Corporate Bankruptcy is a liquidation process where 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. 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 and bring whatever actions are necessary to recover assets of the debtor. Not every corporation is a fit for Chapter 7 as the corporation will cease operations with the exception of those actions necessary for the private trustee to gather the assets for distribution to the creditors. 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.