Business Chapter 7
A business Chapter 7 results in the closing of a business and the liquidation of its assets. A Chapter 7 Trustee is appointed by the Bankruptcy Court to oversee the process and make sure that creditors are handled appropriately. Creditor hierarchy is determined by bankruptcy laws. The business assets are sold and divided amongst creditors after the fees and expenses of the Trustee are paid. Your bankruptcy attorney files a petition with the Bankruptcy Court which includes financial information and a list of creditors and dollars owed. A Meeting of Creditors (341 Meeting) is held approximately 30 days after your case has been filed. There are general questions you will be asked by the Chapter 7 Trustee and on occasion creditors may attend and ask questions. When your Meeting of Creditors has been concluded your case is on track for completion/discharge.