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Our bankruptcy legal team has over fourteen years of helping people and businesses deal with crushing debt and get immediate relief.
Filing a Chapter 7 business bankruptcy usually means the company has gotten into a financial situation that is so bad that it no longer makes sense to continue its operations. The procedure entails that the company liquidates its assets to pay back administrative and legal expenses. Creditors are notified of the bankruptcy so that they can claim how much the debtors owe as well as receive their collateral.
It is important to note that under Federal and Georgia Bankruptcy Law (and other applicable laws) – the owner(s) of a business that has filed bankruptcy can almost always start a new business with no restrictions.
Once a business files for a Chapter 7, creditors cannot continue to collect or take action against the debtor under the Chapter 7 legal protection. The court hires a case trustee who decides which assets can be distributed to pay off the debts and also holds a meeting with all the creditors to ask any questions to the debtor, and the results of this meeting are reported back to the court. Then, the creditors are ranked depending on the highest priority such as taxes and employees’ benefits.
The case trustee handles selling the debtor’s assets and paying back the creditors. After the bankruptcy process is over, the business no longer can exist. Filing a Chapter 7 essentially amounts to closing down of the business.
Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Real Estate, Divorce, Family Law, Bankruptcy, Estates, Wills, Trusts, Sports and Entertainment Law, Immigration and Business Law. We have offices conveniently located at:
| Alpharetta Georgia Park Woods Commons 11539 Park Woods Circle Suite 304 Alpharetta, GA 30005 Phone: 770-609-1247 | Map |
Atlanta Georgia |
| Dunwoody, Sandy Springs GA 400, Atlanta Georgia 1200 Abernathy Rd Building 600 Atlanta, GA 30328 Phone: 770-609-1247 | Map |
Cumming Georgia |
| Johns Creek, Duluth GA 11555 Medlock Bridge Road Suite 100 Johns Creek, GA 30097 Phone: 770-609-1247 | Map |
Duluth Georgia |
| Kennesaw Georgia TownPark Center 125 TownPark Drive Suite 300 Kennesaw, GA 30144 Phone: 770-609-1247 | Map |
Lawrenceville |
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