Business Bankruptcies

Businesses can experience crippling debt, making it impossible for them to continue doing business. In such cases, companies may choose relief through either Chapter 7 or Chapter 11 bankruptcies.

With Chapter 11, a business is allowed to restructure itself in the hopes of becoming profitable again. The owners handle the day-to-day management, but the court must approve any significant business decision. This is a popular choice for owners who don't want to lose their business or assets.

Chapter 7, much like the personal bankruptcy, involves the immediate shutting down of the business, and the liquidation of all assets into cash. A bankruptcy court trustee handles the liquidation and uses the money to pay off creditors.

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