Chapter 7 Business Bankruptcy

New York Bankruptcy Lawyer: Business Liquidation

Debt Relief for Restaurants, Stores, Limited Partnerships, Sole Proprietorships and Family or Closely Held Corporations in New York City

Due to recent changes in bankruptcy law, it is more difficult than ever to file a Chapter 7 business bankruptcy. To find out whether you qualify for a liquidation bankruptcy and to discuss your debt relief options, contact the Law Office of David B. Shaev today for a free consultation.

A Chapter 7 business bankruptcy is essentially a liquidation of a business, meaning that assets are sold to pay off debts (such as outstanding bills, back rent, small business loans, etc.). The company closes, and the owners, investors and partners may be personally responsible to repay any remaining debt. In these instances, the individuals who personally guaranteed business loans may also be eligible for a Chapter 7 consumer bankruptcy.

Our bankruptcy law firm has helped numerous businesses in Manhattan, Brooklyn, Queens and the Bronx that were unable to recover from tragic events or economic downturns seek relief through filing a Chapter 7 business bankruptcy.

If your business is going under and you cannot see a light at the end of the tunnel, contact our firm today to set up a free consultation. Respected New York bankruptcy attorney David B. Shaev will help you take a long, hard look at your situation and discuss your legal options for getting out from under crushing debt.

Is Chapter 7 Business Bankruptcy the Right Choice for You?

Many small and family business owners find that filing a Chapter 7 consumer bankruptcy is more appropriate to their situation. In a significant number of cases, personal and business finances are intermixed, making it necessary to determine just what part of your business debt you personally guaranteed.

Is your business accounting mingled with your personal assets? Using a business checkbook to make a home mortgage payment can cause problems for any business owner seeking debt relief. When corporate funds are used to pay personal debts, this may cause the bankruptcy trustee to decide to go after you personally.

Also, if you repaid loans to family members or insiders within the past year, you may not be able to file a Chapter 7 business bankruptcy. In many cases, a Chapter 11 bankruptcy may be a better option.

Don't worry. At the Manhattan Law Office of David B. Shaev, we can help you determine which form of debt relief is best for you. To schedule a free consultation with respected attorney David B. Shaev, call us toll-free at (866) 396-7610 or e-mail us today.

To learn more about this type of bankruptcy action, please see our Chapter 7 Bankruptcy Information Center.