Struggling with insurmountable business debt in Los Angeles? Our trusted Chapter 7 bankruptcy lawyers are here to provide comprehensive debt relief and expert business reorganization. With a proven track record of successful outcomes, we offer the expertise and support you need to navigate the complexities of bankruptcy and secure a fresh financial start for your business. Reach out today for a consultation and take the first step toward financial stability and peace of mind.

Is your business facing insurmountable debt and financial challenges?

Why is Chapter 7 important for struggling businesses?

• Type of Business: Chapter 7 is available to sole proprietorships, partnerships, and corporations.
• Means Test: While primarily applicable to individuals, the means test can also influence eligibility for businesses by assessing the business’s income and expenses to determine if they qualify for liquidation.
• Filing Requirements: The business must submit a complete petition, including detailed financial statements, lists of assets and liabilities, and statements of financial affairs.
• No Prior Dismissals: The business should not have had a previous bankruptcy case dismissed within the past 180 days due to willful failure to appear before the court or comply with court orders.
• Credit Counseling: Some businesses, especially sole proprietorships, may need to complete credit counseling from an approved agency within 180 days before filing.

• Preparation and Consultation: Consult with a bankruptcy attorney to evaluate your situation and gather necessary documents, such as financial statements, a list of assets and liabilities, and business income and expenses.
• Filing the Petition: Submit the bankruptcy petition and required schedules to the bankruptcy court. This includes a statement of financial affairs and, if applicable, proof of credit counseling.
• Automatic Stay: Upon filing, an automatic stay goes into effect, halting most collection actions against the business.
• Appointment of Trustee: The court appoints a bankruptcy trustee to oversee the case, review the documents, and manage the liquidation of assets.
• Creditors Meeting (341 Meeting): Attend a meeting with the trustee and creditors, where the business owner answers questions about the financial situation and the bankruptcy filing.

Navigating the complexities of Chapter 7 Business Bankruptcy requires expertise and precision. Our experienced bankruptcy attorneys ensure that your case is handled efficiently, protecting your interests and maximizing the benefits of filing. We guide you through every step, from initial consultation to final discharge, helping you avoid common pitfalls and legal challenges.

By hiring our firm, you ensure your case is managed with the highest level of care and expertise, providing you with peace of mind and a clear path to debt relief.

• In-depth case evaluation and customized legal advice
• Preparation and filing of all required bankruptcy documents
• Representation at creditors meetings and court proceedings
• Strategic asset evaluation and exemption planning
• Continuous support and guidance throughout the bankruptcy process

References

• Chapter 7 – Bankruptcy Basics
• Chapter 7 Bankruptcy – Liquidation
• Chapter 7, Title 11, United States Code

At FLP, we understand that navigating Chapter 7 Business Bankruptcy can raise many questions. Here are some common queries and detailed answers to help you make informed decisions.