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Dallas Chapter 7 Bankruptcy Attorney

Representing Small Businesses, LLCs & Corporations

Chapter 7 bankruptcy, typically referred to as “liquidation” bankruptcy, offers debtors the opportunity to eliminate debt by liquidating assets. This type of bankruptcy can offer immediate relief from any and all debt collection efforts and may give a debtor the opportunity at a fresh financial start. Whether you are a small business owner or run an LLC or corporation, you can benefit from working with a skilled Dallas Chapter 7 bankruptcy lawyer.

Filing for bankruptcy should not be taken lightly. Whether you file as a sole proprietor of a business or file on behalf of your company, I can offer guidance and counsel through every step of these proceedings. From the beginning, I can counsel you on the advantages and disadvantages of Chapter 7 bankruptcy and how it may affect you and your business. I can provide information that applies to your unique situation and can address any immediate concerns while providing an honest evaluation of what future impact Chapter 7 may have for you.

Call (214) 506-1107 to discuss your needs. As always, you can count on straightforward and empathetic counsel.

Advantages & Disadvantages of Chapter 7 for a Business

Chapter 7 bankruptcy may offer specific advantages and disadvantages that should be considered. As a Dallas bankruptcy attorney, I will take the time to go over all of these with you, as they pertain to your situation. In the meantime, the following can provide basic insight on this key subject.

Chapter 7 bankruptcy can offer the following advantages:

  • All debt collection efforts against the company must immediately cease when the automatic stay is filed.
  • All assets will be liquidated by the bankruptcy trustee, and this is typically an orderly process that will not require the business owner to try to settle with the creditors.
  • All eligible debt will be eliminated, meaning the company will have no further obligation to pay it at any time in the future.

Chapter 7 bankruptcy has the following disadvantages:

  • The business must cease operations – Chapter 7 bankruptcy will result in the end of a company.
  • You cannot sell the business after filing Chapter 7.
  • If you sold your company’s assets on your own, you may be able to get a better price than the bankruptcy trustee.

To learn more about Chapter 7, call my firm at (214) 506-1107.

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