Chapter 7 Business Bankruptcy - Liquidation
Experienced Attorneys Helping Florida Businesses That Need Debt Relief
Guiding your entity through the liquidation process
If your business entity is facing overwhelming debt, a corporate Chapter 7 bankruptcy filing may be the solution to its troubles. Whether your business is experiencing cash flow problems due to periodic declines in revenue or is struggling due to poor business decisions, the attorneys at Leiderman Shelomith Alexander + Somodevilla, PLLC can help. No matter how complex a financial problem may be, our lawyers have the requisite knowledge and experience to resolve it.
What does filing Chapter 7 mean for a business?
When a business entity files a Chapter 7 case, it is to accomplish the liquidation of the business’ assets in order to partially or completely pay the business’ debts. Your business stops operating, and the trustee will conduct an orderly liquidation of assets to pay the creditors of the business. It is important to note that exemptions do not apply in a business bankruptcy, so all of the property and assets owned by the entity will be liquidated and the proceeds used to pay the creditors. At the conclusion of the liquidation, when all contracts, utility bills, lease obligations, loans, credit cards, and other business debts have been paid to the extent possible, the business is no longer liable for any of its debts. The business owners are also released from liability, unless they are personally liable for the debts through a guaranty or some other contract.
Who should consider filing a corporate Chapter 7 bankruptcy?
We have assisted profit and not-for-profit companies, across all different types of industries. Businesses we can help include:
- Any business that wants to cease operations and have an organized means for liquidating its assets
- Any business that is a defendant in multiple lawsuits
- Any business whose liabilities exceed its assets
- Any business that is renting its business space and needs relief from an onerous lease
- Any business that would like to sell its assets free of any and all claims
- Any business that needs relief from burdensome contracts
Explore all of your debt relief options
At Leiderman Shelomith Alexander + Somodevilla, PLLC, we do not advocate bankruptcy if there is a better alternative. We educate you about how a corporate Chapter 7 bankruptcy works, including how it impacts your business’ property and debts. Our attorneys approach insolvency matters by providing a detailed risk analysis and thorough planning and preparation. We provide guidance and recommendations based upon your entity’s unique circumstances, so you feel confident in the course of action to be taken.
Schedule a no-cost initial consultation to learn how Chapter 7 can benefit your business
Leiderman Shelomith Alexander + Somodevilla, PLLC efficiently and effectively handles corporate Chapter 7 bankruptcy filings at a reasonable cost to our clients, as opposed to law firms that handle only large corporate bankruptcy cases, which have larger overhead and must therefore charge higher fees. If your business is located in Broward, Miami-Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach, or St. Lucie county, contact us by calling (954) 920-5355 or online.