Business Bankruptcy

Business bankruptcy is a legal process that allows a company unable to pay its debts to reorganize or liquidate its assets. It provides a way for the business to either reset its operations and work on a payment plan to settle debts, or sell off its assets to pay creditors. There are different types of bankruptcy filings, such as Chapter 7 (liquidation) and Chapter 11 (reorganization). This process helps protect the business from creditors while aiming to find the best solution for all parties involved, including employees, owners, and suppliers.