Law Office of Paul Petrillo
Contact Us Today 603-635-4149
Menu Contact

Looking at the Chapter 7 process for businesses

When a business is struggling with debt, they may experience a number of hardships every day and have no idea of how to address their financial challenges. Fortunately, there are a variety of debt relief options that can help those who are in this position tackle overwhelming debt and look forward to a fresh financial start. In Salem, New Hampshire, and around the nation, it is very important for any business that is going through this to take action as soon as possible.

While Chapter 7 can often work out well for individuals, Chapter 7 bankruptcy is also sometimes a smart move for businesses as well. According to the U.S. Small Business Administration, turning to Chapter 7 is often an ideal decision for businesses that do not expect to remain in business or have any significant assets.

On the United States Courts' website, businesses that are dealing with this will find a helpful overview of the Chapter 7 bankruptcy process. When businesses move forward with Chapter 7, they must first file their petition in bankruptcy court and provide schedules of their assets, liabilities, current income, expenditures, unexpired leases and executory contracts, along with a financial affairs statement and copy of their tax records. Courts typically charge fees, although these fees are sometimes waived depending on the debtor's income. Next, a case trustee will schedule a meeting with creditors within two months of the date the bankruptcy petition was filed, which debtors must attend. For additional information regarding the discharge of debts and sale of assets, please refer to the U.S. Courts' website.

No Comments

Leave a comment
Comment Information

Start Your Case Today

Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response
Law Office of Paul Petrillo