Even successful businesses built by their owners' hard work can fall into deep debt. Bankruptcy laws give businesses and individuals a fresh start from mounting debt.
Creating a repayment plan and reorganizing how your company does business, closing stores, selling off business units, laying off workers, is the primary scenario in Chapter 11 bankruptcy.
Chapter 7 bankruptcy for businesses is a lot more drastic. The bankrupcy case is often a part of winding down and closing a business the right way.
Learn about business bankruptcy on the following pages to understand what's happening in your case.