Business Chapter 7
Montgomery County Business Chapter 7 Lawyer
Philadelphia Business Liquidation Lawyer
The last few years have not been easy for very many businesses. If you are no longer be able to keep your business afloat, Chapter 7 bankruptcy may be the right choice for your company. At Alfred Abel Law Offices, we help businesses across Pennsylvania file for Chapter 7 bankruptcy protection. Our law firm represents businesses and individuals, as well as debtors and creditors. We have a complete perspective on the bankruptcy process and use the insights we have gained to the benefit of all of our clients.
Jenkintown, Plymouth Meeting, & Philadelphia Business Chapter 7 Attorney
Chapter 7 bankruptcy for businesses has a number of distinctive aspects. There are no exemptions in a business bankruptcy, and secured creditors have the right to any collateral that secures their loans. Upon filing for bankruptcy, the bankruptcy trustee will take any remaining business assets and sell them. Once the business assets have been sold and the proceeds have been distributed to creditors, the bankruptcy is completed, and your company will no longer be a viable entity.
A common issue for business owners going through bankruptcy is whether a debt is a business debt or a personal debt. If you personally guaranteed a business debt for a corporation, LLC or other business entity, your personal liability won’t be discharged in a bankruptcy case for the business. Only the business liability will be discharged. This is also true if you used personal credit cards for business purchases. Your personal liability can be addressed in other ways. If you have incurred a number of personal financial obligations related to your business, it may be in your best interests to file a personal Chapter 7 as well. Our law firm will work to develop a clear picture of your debts and protect your rights at every step of the legal process.
Contact Alfred Abel Law Offices
Call or e-mail our law firm today to discuss whether filing Chapter 7 bankruptcy is an option for your company. Call 215.517.8300 or 610.940.1635.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.