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Facts - Books - News    U.S. Facts Of Law:


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.

 

Chapter 7 Bankruptcy for Business Best Sellers from Amazon.com

How to File for Chapter 7 Bankruptcy
by Stephen Elias, Albin Renauer, Robin Leonard
Amazon Price: $19.79
Customer Review: I'm surprised on the great quality. Nice packaging and fast delievery helped allowed me to get right to work. Thank you.

The Complete Chapter 7 Personal Bankruptcy Guide
by Edward Haman
Amazon Price: $14.21
Customer Review: When I found myself with no other choice than bankruptcy, I did what most people do, I found a lawyer. Within a few weeks I became disenchanted with the service I was getting and realized that I could probably do this on my own. After much research, ...

Consumer Bankruptcy: The Complete Guide to Chapter 7 and Chapter 13 Personal ...
by Henry J. Sommer
Amazon Price: $29.95
Customer Review: This book is a basic one with good general facts, but many of the bankruptcy laws have changed since 1994 when the book was published.

Century-old family business files for Chapter 7 liquidation.(William A. Peet ...
by Jacqueline Fox
Amazon Price: $5.95

Calandro files Chapter 7 in Kenilworth dump case. (Nicolas Calandro, operator...
by Don Dzikowski
Amazon Price: $5.95


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Chapter 7 Bankruptcy for Business News

Websters, In Business Since 1948, Files For Bankruptcy Cape Gazette
Webster Furniture in Rehoboth Beach, a popular local business since 1948, has closed its doors and filed for Chapter 7 bankruptcy protection.

Reuters Canada Business Summary The Globe And Mail
NEW YORK Reuters A unit of Canadian forestry firm Tembec Inc filed for Chapter 15 bankruptcy protection in New York on Thursday as a procedural step to implement a debt restructuring already approved in Canada.

Bankruptcy Basics Forbes
The short book on Chapter 7.

S. Florida Bankruptcy Filings Up From A Year Ago Miami Herald
The number of South Floridians filing for bankruptcy rose almost 60 percent in August from a year ago, but fell about 7.5 percent from July.

Shells Restaurants File For Bankruptcy Florida Today
It looks like the slow economy is taking a bite out of another restaurant chain. Shells Seafood Restaurants, Inc., with a location at 1490 W. New Haven Ave. in Melbourne, filed for Chapter 11 bankruptcy protection Tuesday in U.S. Bankruptcy Court for the Middle District of Florida in Tampa.

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