Katy Small Business Liquidation Attorney
Running a small business can be extremely expensive, especially at the beginning with the many start-up costs. Unfortunately, if the business does not begin making enough profit to make up for these and ongoing costs, a small business can quickly accumulate overwhelming debt, leading a business owner to consider filing for bankruptcy. For small business owners that have accrued unsustainable debt, Chapter 7 bankruptcy offers a means of eliminating any debt by liquidating the value of the company and discharging large amounts of any remaining debt.
Filing for Chapter 7 bankruptcy is often immensely complicated, which is why it’s important that you have skilled legal representation to evaluate your situation and advise you throughout the process. At the Russell Van Beustring P.C., we work closely with our clients to meet their needs as best as possible and can help you manage your Chapter 7 filing. To discuss your finances with a skilled Katy small business liquidation attorney, call us today at 713-973-6650.
Eliminating Debt through Liquidation of Assets
In order to satisfy the requirements of Chapter 7 bankruptcy and allow creditors as much compensation as possible without placing unfair burdens on the debtor, certain assets of your business will be liquidated in a Chapter 7 filing and the proceeds used to pay much of your outstanding debt. The following are a few examples of assets that even the most struggling businesses may be able to liquidate:
- Unsold merchandise and stock
- Furniture and office supplies
- Copyrights, patents, and trademarks that could be of value to other entities
- Intellectual property rights held by the business
When a business is failing, Chapter 7 bankruptcy is often one of the most viable solutions as it allows a small business to liquidate assets and discharge debts.
At the Russell Van Beustring P.C., our experienced legal team is dedicated to helping our clients find the best possible solution to their debt situations and will work diligently to help you successfully liquidate a small business in a Chapter 7 bankruptcy. To learn more about how a Katy small business liquidation lawyer can help, call us today at 713-973-6650.