A tough economy easily leaves businesses in financial trouble, much like it does for individuals. Businesses face creditors calling, repossession of loan collateral, closing of accounts and cash flow headaches.

Businesses have bankruptcy options, just as individuals do. Chapter 11 reorganization offers a way to restructure debt, allowing a business to keep the doors open.

When finances are beyond repair, Chapter 7 liquidation sells available assets to pay debts, and the business closes.