Call 770-609-1247 to Speak With an Experienced Georgia Bankruptcy Lawyer.
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 Divorce, Family Law, Bankruptcy, Estates, Wills, Trusts, Sports and Entertainment Law, Immigration and Business Law. We have offices conveniently located at:
| Alpharetta Georgia North Point Park 5755 North Point Parkway Suite 52 Alpharetta, GA 30022 Phone: 770-408-0477 | Map |
Atlanta Georgia |
| Dunwoody / Sandy Springs GA 400, Atlanta Georgia 1200 Abernathy Road, Bldg 600 Northpark Town Center Atlanta, GA 30328 Phone: 770-408-0477 | Map |
Cumming Georgia The Avenue Forsyth 410 Peachtree Parkway Building 400, Suite 4245 Cumming, GA 30041 Phone: 770-408-0477 | Map |
| Johns Creek / Duluth Georgia 11555 Medlock Bridge Road Suite 100 Johns Creek, GA 30097 Phone: 770-609-1247 | Map |
Duluth Georgia Sugarloaf 2180 Satellite Boulevard Suite 400 Duluth, GA 30097 Phone: 770-609-1247 | Map |
| Kennesaw Georgia TownPark Center 125 TownPark Drive Suite 300 Kennesaw, GA 30144 Phone: 770-609-1247 | Map |
Lawrenceville |
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