What happens if my small business is Chapter 7? ...

If the debtor is a natural person or business is not in a position to their bills when due, it will be paid as insolvent. ... .Filing for bankruptcy protects the debtor bankrupt claims collections of his creditors. ... .Chapter 7 Bankruptcy is liquidation bankruptcy, "as some of the properties are given for a trustee in bankruptcy and has sold to repay debts. ... .Filing for Chapter 7 BankruptcyChapter 7 bankruptcy is available for a small business, in general, if the company has a limited liability company, partnership or corporation. ... .To qualify for Chapter 7 bankruptcy, the debtor must submit a petition with other documents that detail the ownership of the business, the company's debts, a list of creditors, the income of. Business tax returns, contracts where the Company. .has closed and the money spent by companies in the previous period of two years, among others. ... .The notice must list the bankruptcy court if the company maintains its headquarters, where his assets are located or where the company was organized.Protection collection when creditors petition filed by the debtor. The court is one. .To automatically prevents creditors from attempting to collect debts. ... .The office of the Bankruptcy Court of all creditors of the debtor has initiated bankruptcy and creditors, in most cases not notified the file collection actions to pursue collection actions, sent letters requesting. Payment, collect payments or telephone requests for payment .. .. The bankruptcy court appointed a liquidator TrusteeThe responsible for reviewing the records of the debtor to pay by examining the affairs of the debtor's creditors. ... .Shortly after the filing of the petition for Chapter 7 bankruptcy, it will be a meeting of creditors, the trustee and the debtor if the debtor situation.Non in bankruptcy and its financial statements are free of charge. PropertyAny of assets, the trustee holds. ."Non-free" will be given to pay to the trustee or the debtor has its value in cash. ... .The trustee will then sell the property to be paid to creditors. ... .Excluded property is owned as primary residences and automobiles, public services and tools to employment of the debtor. ... .The property is then sold and the creditors are paid. ... .If it means to pay the debt, it is important debtor.ConsiderationsAn the verification for a small company to do when Chapter 7 bankruptcy is given that unlike an individual., A corporation or partnership has no sound. .Debts discharged. ... .A person has eliminated most of its debt as a result of the submission, but not small businesses. ... .In most cases, Chapter 7 bankruptcy most attractive for small companies to liquidate assets and close its doors is to be preferred. ... .In addition, you should see a bankruptcy attorney before they consult a decision on bankruptcy ....