Chapter 7 Bankruptcy for Small Businesses
Small businesses may be eligible for Chapter 7 bankruptcy if they meet certain criteria. In some cases, restructuring the business's debts is not possible. In others, the business lacks significant assets. Regardless of the reason, filing Chapter 7 means going out of business when the bankruptcy process is completed.
At the Law Offices of Nicholas Gebelt, we assist small businesses file for Chapter 7 bankruptcy. We have represented retail stores, nonprofit organizations, sole proprietorships and startup businesses. If Chapter 7 is the right option for your small business, attorney Gebelt will help you through the process. If your small business is in Los Angeles County or Orange County, please call 626.450.0639, 714.202.9270, 562-321-5051 / 888-312-5004 (toll-free) for your FREE PHONE CONSULTATION.
Debt Relief for Small Businesses in Southern California
In Chapter 7 bankruptcy, a trustee is appointed to handle the liquidation of all of the business's assets. For business owners, this can be especially helpful because the Chapter 7 trustee does all of the work of administering the assets and resolving the liabilities. It should be noted that businesses do not receive a discharge under Chapter 7 because at the conclusion of the case the business has been completely liquidated and therefore ceases to exist.
If Chapter 7 is inappropriate for your business, you may wish to consider a business reorganization Chapter 11. We will help you determine which option is right for your business. Please call our office for a FREE PHONE CONSULTATION with our Los Angeles County and Orange County small business bankruptcy attorney.
