Practice Areas

Personal and Business Bankruptcy: Chapter 7, Chapter 11, Chapter 13

If my corporation files for bankruptcy, does that mean we're out of business?

This depends on the type of bankruptcy filing. If you file for a Chapter 7 bankruptcy, your assets will be liquidated and it is highly unlikely you will have anything left to run your business. If you file a Chapter 11 or Chapter 13, you will be the Debtor in Possession and run your business while your creditors will be repaid under terms set forth by the bankruptcy court.

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