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 Attorney, Albin Renauer J.D., Robin Leonard J.D.
Amazon Price: $26.39
Customer Review: I remember my dad saying Wild Horses couldn't make him file bankruptcy. I never really knew where that expression came from or the relevance, but I knew what it meant. Dad would rather starve than face the humiliation bankruptcy would bring. Fortunat...
 

Bankruptcy for Small Business Owners: How to File for Chapter 7
by Attorney Stephen Elias, Bethany K. Laurence
Amazon Price: $29.19
Customer Review: This is the third NOLO book I've received through Vine, and it's as thorough, accurate and easy to read as any of the others in their series. Chapter 7 is a complicated subject - probably significantly more complex than imagined by anyone considering...
 

J.K. Lasser's The New Bankruptcy Law and You (J.K. Lassers)
by Nathalie Martin, Stewart Paley
Amazon Price: $14.95
Customer Review: No book will make a consumer into an av-rated, board certified bankruptcy specialist overnight. Or even over weeks.

That said, this book is a very good introduction to bankruptcy law for consumers. It discusses both Chapter 7 and Chapte...
 

The Complete Chapter 7 Personal Bankruptcy Guide
by Haman
Amazon Price: $12.89
Customer Review: Kind of average, no real insight, tries to convince you to fire your lawyer when most Bankruptcy lawyers with a good reputation and experience are like a million times better than this very simplistic book. No real insight into the process, very gene...
 

Bankruptcy: Facts You Need to Know to Survive
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