433 West 84th Drive, Merrillville, Indiana 46410

2Lawyers in Indiana Help with Chapter 7 for Small Businesses

Filing bankruptcy in the Northern District of Indiana by liquidating your business assets

When your business falls on economic hardship and you feel it best to liquidate your assets and seek a fresh start, Chapter 7 business bankruptcy may be the right choice for you. Chapter 7 is the same type of bankruptcy that helps many individual consumers clear their debt. For businesses, filing Chapter 7 allows an owner to file for bankruptcy and use the proceeds from sold assets to distribute funds to creditors. The bankruptcy attorneys at Gouveia & Associates offer guided counsel through every step of this process and work to ensure that your debt is resolved quickly so you can move on with your affairs.

What debts are discharged when I file a Chapter 7 bankruptcy for my business debts?

Though Chapter 7 is a viable option for many small business owners, you should be aware that it does not clear your business of all its outstanding debts. Instead, Chapter 7 removes the personal liability for the debt from the business owner. If your business is figured into a corporation structure, creditors can still seek repayment from your business itself. For this reason, Chapter 7 tends to be a preferred alternative for smaller businesses.

Indiana Business owners filing for Chapter 7 business bankruptcy can usually have the following type of debt cleared:

  • Personal credit card debt
  • Legal judgments
  • Unsecured debts owed to creditors
  • Lease obligations
  • Personal loans and personal guaranties

Similar to Chapter 7 filed by individual consumers, there are certain types of debt that will not be cleared by filing Chapter 7. These include:

  • Child support and alimony
  • Court fees
  • Back taxes
  • Debts for luxury items
  • Large cash advances made 70 days or fewer before filing
  • Loans borrowed from pension or 401(k)
  • Student loans

These lists are not exhaustive, and any type of business bankruptcy filing requires careful attention to determine which options offer the best possible outcome. Our bankruptcy attorneys provide a powerful ally and advocate for you as you as you go through the stages of the filing process.

Call our law group in Northwest Indiana for experienced counsel on Chapter 7 business bankruptcy

We offer a free, thorough initial review of your financial situation. To schedule your appointment, email us or call us at 219-576-6192. Our office hours are Monday through Friday from 8 a.m. to 4:30 p.m. We are conveniently located near the intersection of Route 30 and Interstate 65 in Merrillville, Indiana, with free parking available.