Business Filing Bankruptcy

As a business, filing bankruptcy is an option when debts are unable to receive payment according to their contracts. In bankruptcy, a business will have liabilities that exceed assets owed. Any type of business may file bankruptcy if they are not able to meet financial obligations as those debts become due. When a business files a bankruptcy petition, all creditors are notified, this includes secured creditors, judgment creditors, unsecured creditors, post petition creditors, super priority claims and administrative claims creditors. The terms of the bankruptcy are determined during the court proceedings. Some businesses will remain operational. The court appointed official may help the business to restructure, downsize or otherwise reorganize in such a way as to make it possible for debts to receive repayment.

Fast Facts

  • Bankruptcy filings by businesses account for no more than 5 to 15 percent of all bankruptcy filings in any one year.
  • In 2008, 43,546 business filings occurred in the United States.

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  • Filing for a small business bankruptcy

    A small business files bankruptcy under chapter 11 like a large business or corporation. In a large company u...
    • Site: bankruptcylawfirms.com
  • When Does Filing for Bankruptcy Make Sense?

    Since 2008, high unemployment rates, plummeting housing prices and mortgage rate adjustments have got many Ame...
    • Site: filingforbankruptcyonline.com
    • 5 of 5 user(s) found this useful
  • Filing Bankruptcy After a Job Loss

    After losing a job, one of your major concerns is how you are going to pay your bills.  This is a time when ma...
    • Site: bankruptcylawfirms.com
    • 1 of 1 user(s) found this useful
  • Steps Involved in Filing for Bankruptcy

    Recently, more and more Americans are contemplating the prospect of filing bankruptcy to get rid of debts that...
    • Site: filingforbankruptcyonline.com
    • 4 of 4 user(s) found this useful
  • Filing Bankruptcy: A Faux Pas or Legitimate Solution?

    The question for many now is, live somewhat comfortably, or pay? When you’re having difficulty putting food on...
    • By: Casey Yontz
    • Site: bankruptcylawfirms.com
    • 5 of 6 user(s) found this useful

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