"Chapter 7 Vs Chapter 11" Discussion
There are two types of bankruptcy that businesses can file for, chapter 7 and chapter 11. While they both have the ultimate goal of giving the business a fresh start, there are some key differences between the two.
Chapter 7 is known as liquidation bankruptcy. This means that the business will have to sell off any assets that it has in order to pay back creditors. Once all debts have been paid, the business will be dissolved.
Chapter 11 is known as reorganization bankruptcy. This allows the business to stay open while it restructures its debt. The business will be protected from creditors during this time so that it can focus on getting back on its feet.
So which type of bankruptcy is right for your business?
The main Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706