A Chapter 7 “Straight Bankruptcy” Can . . . Help You Deal with Secured Debts from Your Closed Business
Chapter 7 puts you in the driver’s seat to either keep or surrender the collateral securing your business debts.
Chapter 7 puts you in the driver’s seat to either keep or surrender the collateral securing your business debts.
Closing down a failing business can be a lot smoother with a Chapter 7 case.
If your business has failed or is about to, it does NOT likely need a bankruptcy. But YOU personally might.
Question #1 for cleaning up financially after a failed business: can the business file a bankruptcy without you? Question #2: should it?