As the owner of a business, it is your responsibility to take care of your business and work towards reducing your debt. While everyone wants their business to be successful, things do not always go that way. If you are suffering from piles of debt that you cannot get from under, filing Chapter 7 Bankruptcy may be the answer to your problems.
When filing a Chapter 7 bankruptcy, you will need the assistance of a bankruptcy attorney. You will need to provide your attorney with all of the information regarding your business and the debt that you owe. You will also need to turn over any information regarding the business assets.
Through the filing process, you will need to follow the guidance that is set forth by your lawyer. Your chapter 7 bankruptcy Portland depends on giving your lawyer as much information as possible, so that the proper paperwork can be filed.
Once the proceedings take place, a judge will approve or disapprove the bankruptcy. Your chapter 7 bankruptcy Portland will have certain criteria attached, that you will need to follow.
Due to the restraints of your bankruptcy case, you will have a trustee that will take over running the business. The business along with any assets will be liquidated as much as possible and your trustee will disperse these liquidation funds amongst your creditors.
There may be some assets that you are allowed to keep. It will depend on the judge as to which assets, if any, you are allowed to hold onto. Though the process will take time, it is the best way to absolve your debt and take care of what is owed. Though your business will need to be sold, your debts will be taken care of.
As soon as you realize that you are in over your head with business debt, it is important to contact your attorney. This will allow your attorney to begin work on your case so that things can be handled as quickly as possible. The longer that the process takes, the more in debt you will become. Work with your attorney and he or she can help your case to be a success.