Reorganizing Your Business Through Chapter 7
If you have a small business and you're struggling with debt, your creditors are likely coming after you for late payments. You may feel angry and frustrated as the dream of owning your own businesses quickly turns into a source of stress and a financial burden. At Acosta Law, we are here to help individuals, families and businesses through this trying time.
The first step in reorganizing your business through Chapter 7 bankruptcy, is the liquidation of all business assets. At this time, all business operations stop and the court will appoint a bankruptcy trustee. The trustee will oversee the bankruptcy proceedings, and collect and sell assets not secured by a lien. The profits will then be used to repay unsecured debts, and all remaining dischargeable debt will be eliminated.
Chapter 7 can be a powerful tool for business owners who wish to:
- Put an immediate end to creditor harassment
- Eliminate credit card debts
- Stop creditor judgment proceedings
- Stop wage garnishment and repossession
When you schedule a free initial consultation at Acosta Law, you will meet with a lawyer who will help you analyze the financial state of your business. Contact our attorneys at Acosta Law online or by phone at 713-980-9014.