Miami Bankruptcy Chapter 7 Business
Experienced Attorneys Committed to Helping Clients Find Financial Relief
With a Chapter 7 business bankruptcy, we can help you eliminate the maximum amount of debt possible and regain your financial security. We understand how frustrating it can be to feel uncertain about your financial future, so we thoroughly explain every step of the business Chapter 7 process and prepare you for what to expect.
Who Should Consider Business Chapter 7?
There are a few circumstances that may warrant this type of filing, including:
- The business is unable to pay its debts as they come due.
- The business has accumulated debt that far exceeds its assets and revenue-generating capacity.
- The business is consistently losing money with no viable path to profitability.
- The business is facing aggressive collection actions or lawsuits from creditors.
- The owners decide that liquidating the business is the best option to maximize asset value and satisfy creditors.
It is essential to discuss this matter with a business debt relief lawyer before you file your case. Whether you find filing for bankruptcy difficult or your self-filed case was dismissed, we can help.
What Does Filing Chapter 7 Accomplish for Businesses?
Most Chapter 7 cases for businesses follow a straightforward process. When a business files for Chapter 7 bankruptcy, it does not receive a discharge like individuals do. Instead, the business ceases operations, and a trustee is appointed to liquidate the business’s assets. The proceeds from the liquidation are used to pay off creditors in order of priority. Once the assets are liquidated and creditors are paid, the business is dissolved. This process allows for an orderly wind-down of the business’s affairs, often referred to as “liquidation bankruptcy.” The business owners are relieved of the ongoing responsibilities of the insolvent business.
Schedule Your Strategy Session With Us
At LSS Law, we value our relationship with you. You are not just a case or a file number, but someone we truly want to help. We assist businesses throughout Florida, including the counties of Broward, Miami-Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach, and St. Lucie.
If you are interested in learning more about Chapter 7 business bankruptcy, contact us online or call (954) 866-5356.
