Bankruptcy

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Chapter 7 Bankruptcy for Business

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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LaFlammeaposs Closes, Enters Chapter 7 Bankruptcy Bennington Banner
Bennington Banner LaFlamme39s closes, enters Chapter 7 bankruptcy Bennington Banner LaFlamme39s closes, enters Chapter 7 bankruptcy. LaFlamme39s Inc., a furniture business known for its 20 foot ladderback chair at its store at 239 Main St. in Bennington, entered Chapter 7 bankruptcy proceedings this week. Shown at the Main Street

Furniture Firm With Iconic Giant Chair Closes, Enters Chapter 7 Vtdigger.org
vtdigger.org Furniture firm with iconic giant chair closes, enters Chapter 7 vtdigger.org LaFlamme39s Inc. has closed. The Bennington location has a replica of a chair that stood for many years in town as a tourism landmark. File photo by Jim Therrien/VTDigger. This story by Ed Damon was published by the Bennington Banner on Jan. 12, 2018 and more raquo

Triad Coding School Files For Chapter 7 Bankruptcy Triad Business Journal
Triad Business Journal Triad coding school files for Chapter 7 bankruptcy Triad Business Journal In the filing, the company said it expects funds will be available for distribution to unsecured creditors. A representative of Coder Foundry could not be immediately reached for comment. An attorney representing the company in the bankruptcy and more raquo

Houston Upstream Company Filed For Chapter 7 Bankruptcy After Failed Sale Ho...
Houston Business Journal Houston upstream company filed for Chapter 7 bankruptcy after failed sale Houston Business Journal A small Houston based oil exploration company, Hyperdynamics Corp. OTC: HDYN, has filed for Chapter 7 bankruptcy in the Southern District of Texas39 bankruptcy court. The company had reached an agreement that would have seen 40 million of its shares

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Facts of Law explaing how chapter 7 bankruptcy works for business

Facts of Law - Chapter 7 Bankruptcy For Business