Chapter 7 Bankruptcy

Business Chapter 7 Bankruptcy

Chapter 7 bankruptcy provides a forum for businesses to orderly winddown their operations, liquidate their assets, and distribute the resulting net proceeds to creditors.  The benefits of business chapter 7 bankruptcy include:  proper notice to all creditors, disclosure of pertinent financial information to all affected parties, centralized forum to deal with a variety of debtor/creditor issues, Trustee assistance in winding down operations, liquidating assets, and communicating with creditors.  Chapter 7 cases help business owners fulfill their fiduciary duty to make sure that creditors are treated fairly in the distribution of liquidation proceeds.

Individual Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also available to individuals who wish to discharge their debts and get a “fresh start”.  In some cases, business owners sign personal guaranties for their company’s debts.  When the business ceases operations, creditors often pursue the owner to collect debts that were not paid by the company.  In other cases, families are faced with a financial crisis due to job loss, medical bills, or other misfortune.  The Raleigh Chapter 7 bankruptcy attorneys at Hendren & Malone, PLLC assists individual debtors through the entire bankruptcy process with the goal of maximizing the benefits of the bankruptcy case and obtaining a “fresh start.”

Chapter 7 bankruptcy cases can be filed in one of three federal districts in the State of North Carolina.  Hendren, Redwine & Malone files cases in all three districts.

Jason Hendren, Rebecca Redwine, and their staff have represented numerous businesses and individuals in Chapter 7 bankruptcy cases throughout the Eastern District of North Carolina.

11 U.S.C. § 528 Disclosure:  We are bankruptcy attorneys.  We help clients file for bankruptcy relief under the Bankruptcy Code.


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