Small Business Liquidation
If you've run up big business debts and are worried you'll never being able to repay them, it may be time to sell the business's assets, pay off its debts as best you can, and move on. Most small business owners in this situation think of bankruptcy. While bankruptcy can wipe out most of your debts, it is also an expensive and public process. There are alternative ways to liquidate your business that are more flexible and private, and that can save you money and your good credit. Which business liquidation option works best for you depends on the size of your business, the amount of your debts (business and personal), and the type of business you operate.
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Going Out of Business: Liquidate Assets Yourself or File for Bankruptcy?
Liquidating assets and negoiating debt settlements yourself is more private and less expensive than bankruptcy.
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Close Down Your Business Yourself: The Out-of-Court Work Out
In a business work out, you liquidate assets and negotiate debt settlements yourself.
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How to Liquidate a Closing Business's Assets
Here's how to sell your business's assets for the highest amount.
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Negotiating Debt Settlements When You Go Out of Business
How to pay off your business debts and get releases from your creditors.
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Assignment for Benefit of Creditors: Alternative to Business Bankruptcy
In an assignment of assets and liabilities, you hire someone to liquidate your assets and settle your debts for you.
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What Not to Do If You Might File for Bankruptcy
Don't pay off debts or loans, borrow money, or take assets or cash without reading this.
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Distribute Any Remaining Assets to Owners When You Close Your Business
When you're closing your business, take precautions to guard yourself from liability before you pay out money and assets to the business owners.
Talk to a Business Law attorney.
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