Chapter 7 Discharge For Business
Description
How to fill out Discharge Of Joint Debtors - Chapter 7 - Updated 2005 Act Form?
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FAQ
After the bankruptcy, the LLC's remaining debts are wiped out and the LLC is no longer in business. The LLCs owners are generally not responsible for the LLCs debts. Sometimes, however, an LLC owner signed a personal guarantee that makes the owner personally responsible for a business debt.
You'll be able to discharge all qualifying debt?both personal and business?by filing a Chapter 7 bankruptcy in your own name. If you have more business debt that personal debt, you likely won't need to worry about how much income you make?you won't need to pass the Chapter 7 means test.
Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors. The investors who take the least risk are paid first.
Overview of Corporate Limited Liability This means that the business itself can own assets, enter into contracts, and is liable for its own debts. If the corporation or LLC cannot pay its debts, creditors can normally only go after the assets owned by the company and not the personal assets of the owners.
You likely will need to file a written proof of claim in your customer's bankruptcy case to preserve your right to a distribution, and in a Chapter 7 case, you must do so.