Bankruptcy for Small Business Owners: How to File for Chapter 7

Bankruptcy for Small Business Owners:
How to File for Chapter 7

by Stephen Elias Attorney
Wipe out business debts and get a fresh start!

Small businesses are failing at record rates, and business bankruptcies are on the rise; more than 43,000 were filed in 2008-up 53% over the previous year.

Bankruptcy for Small Business Owners helps small businesses assess the financial condition of their business, determine whether they should declare bankruptcy, and offers step-by-step instructions for completing all of the bankruptcy forms and filing them in court. It covers:

what business debt and assets (if any) would be impacted by bankruptcy

bankruptcy options: Chapter 7, Chapter 13 and Chapter 11, and the eligibility factors and downsides of each

"look back" requirements (periods of time during which personal or business actions have created impediments to filing for bankruptcy)

automatic stays

valuation of business assets (including good will & intellectual property) and shares

exemptions