Private Business Law

If you have decided to get out of business and are not able to pass your business on, merge, or sell it, liquidating the assets could be your best option. Insolvency is a second option for closing your business.

Bankruptcy Alternatives for Troubled Businesses
By Rhea Bucy
Businesses can quickly end up on the verge of bankruptcy through no fault of their own. Learn more about several alternatives that may be more favorable than bankruptcy.

Asset Liquidation

Insolvency

Tax Requirements for Closing a Business

I want to file bankruptcy.

If your business cannot pay its debts when they become due or its assets are less than its debts, you have two options. You may seek protection under the law to allow a chance to reorganize (Chapter 11) or liquidate in an orderly fashion (Chapter 7). A competent bankruptcy attorney can help you understand the specifics involved and ensure you file all proper paperwork.