If you are a small business owner struggling with debt, Chapter 7 bankruptcy may help. Chapter 7 bankruptcy can eliminate most or all of the debts for which you are personally liable. If you are a sole proprietor or your business is a general partnership, you are personally liable for your business's debts, and Chapter 7 may work well for you. If, on the other hand, your business is a separate legal entity, such as a corporation or LLC, you must file a bankruptcy on behalf of the business. While you may be able to use Chapter 7 in this situation, you'll need a lawyer to represent you.
If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.
Chapter 7 bankruptcy can help corporations and LLCs that are going out of business by providing an orderly business liquidation.
Find out whether Chapter 7 personal bankruptcy will wipe out your business debt.
Find out what will happen to your business in Chapter 7 bankruptcy. In some cases, you might be unable to continue operating your business when you file for Chapter 7 bankruptcy. There are some exceptions, however. Learn which type of businesses and business assets a bankruptcy trustee will likely sell in a Chapter 7 case.
Sidestep the lawyers with do-it-yourself books, documents, and software.
Nolo offers hundreds of consumer-friendly, do-it-yourself legal products for all types of legal situations. Browse our full product list.
Click below to view more legal issues. Our extensive collection of legal topics ranges across different areas of practice.
Our editors have over 100 years of combined experience practicing law. These professionals have worked in a wide range of legal areas, from estate planning to criminal law to business formation and beyond. They’re experts at explaining complicated legal issues in easy-to-understand terms.
Learn more about the team that manages Nolo’s articles, books, and DIY tools.
Find an experienced, local attorney in three easy steps. Our process is designed for ease and simplicity.
Briefly tell us about your case, and provide your contact information.
We find and instantly list attorneys that can best handle your case.
Choose the attorneys you would like to work with.
At Nolo, we prioritize quality and transparency because we know how important reliable legal information is to our readers. Our information is meticulously researched, regularly updated, and written in plain English by our experienced writers and editors. Learn more about our editorial standards.
Grow your firm with Martindale-Nolo, the largest legal network, and learn more about our attorney lead-generation and marketing services.
At Nolo, we prioritize quality and transparency because we know how important reliable legal information is to our readers. Our information is meticulously researched, regularly updated, and written in plain English by our experienced writers and editors. Learn more about our editorial standards.