Do you need to speak to a bankruptcy attorney about removing some business debt? If so, you need to contact a legal firm that handles this specific issue. Talk to an attorney who knows all about the process so you get the best legal guidance and advice.
Filing a Chapter 7 Business Bankruptcy
By contacting business bankruptcy attorneys in Cincinnati, OH, you can feel better about erasing certain debts and starting afresh. To learn more about erasing business debts, you will need to file Chapter 7 bankruptcy. Once you contact an attorney, you can learn more about the specifics for filing.
Know What to Expect Before You File
According to business bankruptcy attorneys, a Chapter 7 filing does not erase any personal liability for LLC or corporate business owners. You still need to pay for this type of debt after your other debts have been discharged through a Chapter 7 filing. Therefore, you need to carefully review your business’s financial picture with legal counsel so you know what to expect.
The Distribution of the Assets and Property – What You Should Know
Business bankruptcy attorneys state that the court fees for a Chapter 7 business filing are the same as for a personal bankruptcy filed under Chapter 7. Also, the more assets and property from a business that a trustee distributes, the greater his or her fee will be. However, you don’t have to pay this fee directly, as it is subtracted during the activity.
Where to Learn More About Filing
As you can see, you will need to learn a lot of details if you file a Chapter 7 business bankruptcy. Find out more information when you visit our official website. Stay in the know so your professional practice or business can continue to grow. Be aware that a Chapter 7 business bankruptcy is not designed for partnerships. Therefore, you need to learn how to proceed legally if you are currently organized as a partnership.