Bankruptcy and Business: What You Need to Know Modest Money2 Comments

Struggling with finances is something that many businesses have dealt with throughout the company’s life, but sometimes debts pile up to the point where a company may have to file for bankruptcy.

If your company is struggling with your finances and you can’t seem to get out from underwater, bankruptcy may be the best possible option for you. According to, “Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start.”

What this means is that filing for bankruptcy doesn’t necessarily have to destroy your business or your dreams of owning a business. Instead, it can provide you an opportunity to put the past behind you and start new—with better financial management.

So if you’re considering filing your business for bankruptcy, here are a few things you first need to know.

Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy is one option you have as a business owner. You can either file Chapter 7 for your business, or you may have to file for Chapter 7 personally, depending on if you are the sole propitiator of the business or not. With Chapter 7, the business’s trustee…

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