Filing for a Limited Liability Company Bankruptcy Under Chapter 7
January 5th, 2012 by admin
A Chapter 7 bankruptcy is opted for when debts become too high and there is no longer any avenue that the business could resort to in order to repay them. Other times, it is also opted for when a company has many creditors, and when the company owners want to get rid of the burden of debts off their shoulders in the quickest possible manner.
Chapter 7 Limited Liability Company bankruptcy would liquidate the assets of the company, which means that they would be sold off. The proceeds from the sale of the assets would be divided by the trustee among the creditors, with priority debts paid first, followed by secured debts, and then the unsecured debts.
Once a Chapter 7 Limited Liability Company Bankruptcy is completed, owners become debt-free, up to the extent of debts which were included in the bankruptcy petition.
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