Can a business file Chapter 7 bankruptcy?
Yes, Chapter 7 of the U.S. Bankruptcy Code offers bankruptcy protection to both individuals and businesses. Chapter 7 is a liquidation bankruptcy, meaning that the business entering bankruptcy will sell off its assets in order to pay back outstanding debts. Assets may include any remaining products, equipment, and intellectual property rights, to name a few.
If you are a business owner and are considering closing your business and filing Chapter 7 bankruptcy, we can help. Contact Somerset Chapter 7 bankruptcy lawyer Francisco G. Harrison, PLC, today at 337-261-8800.