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How to file a bankruptcy to close a business properly? Business Bankruptcy

Discussion in 'Bankruptcy Law' started by banuha, May 1, 2011.

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  1. banuha

    banuha Law Topic Starter New Member

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    I currently own and operate a gas station in Illinois. The business is not doing well, and we are short on cash to operate the business and would like to close. There is a landlord involved in the lease agreement and a fuel supplier for gas supplies. What kind of bankruptcy will I need to file in order to get out of the business? How long does it take to close the business? Can the business be closed first, then file bankruptcy? Thanks In Advance.
     
  2. army judge

    army judge Super Moderator

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    You should consult with a couple of local attorneys.

    The specific type of bankruptcy will be determined by your business organization.

    You need to file the bankruptcy to end any attacks against your assets.

    The attorney you retain will direct this for you.

    Hire one tomorrow, the sooner the better.
     
  3. Pamila

    Pamila Banned

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    I would suggest you to hire an attorney and file the appropriate paperwork. If the business is going to close its doors and has substantial debt, a Chapter 7 Bankruptcy is the best option for the business. Create a payment plan for creditors as how much you need to pay to each creditor from the proceeds of the going out of business sale and liquidation of assets.
     
  4. guestpost

    guestpost New Member

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    Depending on the nature of depts
     
  5. guestpost

    guestpost New Member

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    how do a person file bankrucpty as it relate ttto a day care
     
  6. Unregistered

    Unregistered Guest

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