Debt Liquidation Attorneys for Small Business in Miami, Fort Lauderdale, Weston, Orlando and surrounding areas
Small Business Chapter 7 Bankruptcy Lawyers
Business owners struggling to make good on their debts have the option of filing for chapter 7 bankruptcy, which can help to either save the business or to liquidate it. The manner in which chapter 7 business liquidation can help a business depends on the business structure. The best way to approach the situation is through legal representation.
Chapter 7 Business Liquidation Bankruptcy Attorney
As the liquidation chapter of the bankruptcy code, chapter 7 can be voluntarily filed with a U.S. bankruptcy court, or it can be brought about involuntarily through petition by creditors. While the liquidation of a business under chapter 7 seems simple, it’s quite complex and requires a response to strategic questions that are best handled by a bankruptcy attorney. Consulting with the Szabo Law Group gives business owners the benefit of a trusted law practice that has experience in dealing with business liquidation under chapter 7.
Chapter 7 Business Liquidation Overview
To have a case under chapter 7, the filer must have a place of business or property in the U.S. When a company’s management files for chapter 7, the act of filing automatically begins the process and require no bankruptcy court order. For involuntary filings, the creditor can only file if they have a portion of their claim that is unsecured.
When a company goes into chapter 7, a trustee is appointed. The trustee has full power of authority regarding the assets of the company. Creditors may choose to appoint a different trustee, who will be responsible for collect all asset information and distribute them based on the claims of the creditor(s).
Legal representation is important because there is an enduring liability issue, because businesses are not entitled to a discharge in chapter 7. For instance, when the case is closed and the company (should it remain afloat) goes on to pursue other business, the creditors can still recover what was owed to them.
Szabo Law Group is committed to assisting businesses through their financial obstacles. Aron Szabo personally meets with every client and spends time listening and understanding their particular circumstance. Szabo Law Group will all financial circumstances and provide a solution through chapter 7 bankruptcy, chapter 13 bankruptcy, chapter 11 bankruptcy, or another form of resolution. To schedule consultation, contact the Szabo Law Group today at (954) 210–6054.