How Chapter 7 Bankruptcy Can Help Businesses Solve Their Debt Problem


There may come a time when you can’t make a business loan payment or fail to make a personal credit card payment on a balance used to fund your company. If talking to your creditors about alternate payment arrangements fail and you have no other options to resolve your debt issues, it may be a good idea to look at bankruptcy. How can a liquidation bankruptcy help a business owner? Learn the answer to this question below:

What Is a Liquidation Bankruptcy?

Under Chapter 7 of the bankruptcy code, debtors have the right to have their assets liquidated and the money used to pay off creditors. For businesses, filing for Chapter 7 bankruptcy means selling off company assets and using that money to pay off creditors up to the amount raised through liquidation.
http://www.ruffilaw.com/how-chapter-7-bankruptcy-can-help-businesses-solve-their-debt-problem/

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