Businesses may file for bankruptcy protection under Chapter 7 to liquidate their assets and close the business, or Chapter 11 to reorganize it. Both start with the filing of a petition with the bankruptcy court. It may be voluntarily filed by the debtor, or in some cases it may be an involuntary petition filed by creditors who want to force the debtor into bankruptcy to obtain at least some of the money they’re owed.
If you have questions about bankruptcy law or think it may be an option for your personally or for your business, contact Moretsky Law to set up a free consultation. We can talk about your situation, your debts and whether bankruptcy is something you should seriously consider.