Legal Question in Bankruptcy in New York

Chapter 7 Bankruptcy

Can Small Businesses file Chapter 7 Bankruptcy or is that chapter only for individuals? If so, what is the proper chapter for a Business (inc.,/llc.) to file?


Asked on 4/03/09, 1:42 pm

2 Answers from Attorneys
Antoinette Wooten The Wooten Legal Consulting, PC

Re: Chapter 7 Bankruptcy

A small business can file a Ch 7.

The chapters are more goal based, ie, 7 is to liquidate and 11 to "re-organize".

Are you a sole proprietor?

Why are you planning to file for bankruptcy?

Patricia Martin-Gibbons

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Answered on 4/03/09, 2:31 pm
Stephen Starr Starr & Starr, PLLC

Re: Chapter 7 Bankruptcy

Yes, small businesses can filed for chapter 7 or chapter 11. Please feel free to look at the Frequently Asked Questions (FAQs) and Blog postings on our website for further information at www.starrandstarr.com

The forgoing posting is general information of interest to readers of this website and is not intended as legal advice for your specific situation. You should consult with an attorney.

Best regards,

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Answered on 4/03/09, 2:35 pm


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