When a business has serious financial problems and is unable to service its debt it may file for (or be forced to file by creditors) chapter 7 bankruptcy for business.  Chapter 7 is used to liquidate a business by liquidating its assets and distributing the proceeds to its creditors to satisfy the debts. 

After the bankruptcy the business ceases operations and the owners owe nothing further to the creditors.  However, if the business is a corporation remaining debts after liquidation are not discharged but remain as obligations as long as the corporation exists.

Employees of a business will generally lose their jobs unless the business has entire division(s) that were sold to other businesses during the liquidation process.

Secured creditors such as bondholders or banks with secured assets have a priority claim to liquidated proceeds over unsecured creditors such as vendors and suppliers.

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Chapter 7 Bankruptcy for Business News
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• MF Global Holdings Judge Rejects Customer Bid For Chapter 7 BusinessWeek
MF Global Holdings Judge Rejects Customer Bid for Chapter 7BusinessWeek1 Bloomberg MF Global Inc.39s brokerage customers can39t have the bankruptcy of the company39s parent converted to a Chapter 7 liquidation or conduct their own probe into its collapse, a judge ruled US Bankruptcy Judge Martin Glenn denied a request and more raquo
• Remember Shakers Maker Went Bottoms Up Minneapolis Star Tribune
Remember Shakers Maker went bottoms upMinneapolis Star TribuneThe company that makes Shakers vodka, a premium grade spirit that was made in Benson, Minn., from locally grown wheat and rye, has filed for Chapter 7 bankruptcy protection. Infinite Spirits Inc. of Blaine listed assets of 195349 and liabilities of and more raquo
• Sacramento Developer Kolokotronis Files For Chapter 7 Bankruptcy Sacramento Bee
Sacramento developer Kolokotronis files for Chapter 7 bankruptcySacramento BeeBy Bob Shallit Sacramento developer Sotiris Kolokotronis filed for personal bankruptcy Friday following years of legal battles over a failed Elk Grove housing complex. The Chapter 7 liquidation filing in US Bankruptcy Court in Sacramento listed Sacramento developer Kolokotronis files for bankruptcySacramento Business Journalall 3 news articles raquo
• Another Financial Setback For Curtis Carlson Nelson Minneapolis Star Tribune
Another financial setback for Curtis Carlson NelsonMinneapolis Star TribuneNelson filed for Chapter 11 bankruptcy protection in May 2011 seeking to reorganize his finances. But that proved hopeless and the bankruptcy was converted into a Chapter 7 liquidation proceeding in August. The Chapter 11 adviser for the US Trustee39s and more raquo
• Minnesota Bankruptcies February 04, 2012 InForum
Minnesota Bankruptcies February 04, 2012In ForumJames Melvin and Carol M. Stockstad, 1228 12th St. N., Moorhead, Chapter 7, debts of 121561, assets of 159438. Stockstad is a maintenance worker. Mrs. Stockstad is a bookkeeper. Orville A. and Betty Joline Olson, doing business as Olson39s Custom and more raquo