What Happens If Your Business Files for Bankruptcy

If your business has racked up so much debt that you’re thinking about making the difficult decision to file for bankruptcy, don’t hesitate to consult with an experienced business lawyer first.  A lawyer can properly advise you about what happens when you file for bankruptcy, so that you know exactly what you’re getting into. Once you’ve talked to your lawyer and decided that bankruptcy is the way to go, there are a few important facts you need to be aware of. Your lawyer will certainly help you with the bankruptcy petition, and ensure that the relevant schedules are submitted. Once that’s been done, here’s what happens. All your creditors will be notified. This means that they can no longer make any attempt to collect outstanding debts. Your business lawyer will give you all the details about how this automatic stay will protect you. A local bankruptcy trustee will be appointed by the US Trustee Program, with responsibility for…

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