Chapter 7 Bankruptcy in Plainfield, IN enables business owners to liquidate assets and property to settle debts. This process requires that the court assign a trustee to the case to arrange these sales and to distribute the generated funds to creditors. This presents the court with evidence that the debtor is fulfilling his or her obligations to the bankruptcy court. To learn more about chapter 7 bankruptcy, contact the Wright Law Group for further details.
Liquidation Through Bankruptcy
Liquidation is a beneficial way in which to settle your business related debts. An attorney can assist you in filing a bankruptcy claim that initiates this process. You provided with a trustee who will oversee the sales of your property and assets to ensure that your creditors receive the funds needed to pay off these debts. The court determines who these trustee will be and requires that he or she submit reports to the court as this claim progresses. In some cases you are allowed to operate your business during the bankruptcy. However, different rules may apply to your circumstances.
Local Bankruptcy Attorneys
The Wright Law Group of Indianapolis, IN can assist you to file chapter 7 bankruptcy as a business owner. This chapter enables you to utilize liquidation to settle your debts while securing vital business property and assets. These attorneys guide you through the claim’s process to ensure that you understand all requirements and repercussions of filing a bankruptcy claim. They will further help you to determine which debts are eligible for discharge. To file a bankruptcy claim, contact the Wright Law Group at the number listed at visit us website.
Summary
Chapter 7 Bankruptcy in Plainfield, IN is a legal process in which you may settle your debts by selling off key properties owned by your business. It is beneficial to you as a business owner in that it will allow you to protect essential properties owned by your business without the worry of foreclosure or repossession. An attorney can assist you with this claim and protect your company and interests. To hire an attorney to file a chapter 7 bankruptcy, you contact the Wright Law Group and schedule an appointment.
