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Guide to Filing for Business Bankruptcy
In business, desperate times call for desperate measures- Child support
- Alimony
- Taxes
- Student loans
- Secured debt
Action Steps
The best contacts and resources to help you get it done
Choose a course of action
Depending on their type and amount of debt, most businesses can file for any of three types of bankruptcy: Chapter 7, the purpose of which is to liquidate the debtor's assets, including the business; Chapter 11, which is designed to allow struggling businesses to reorganize; or Chapter 13, which is reserved for individuals, who may or may not have business debts.
I recommend:
A good bankruptcy lawyer can help you decide which type of bankruptcy is best for your situation. Find one online by searching the National Association of Consumer Bankruptcy Attorneys' (NACBA) Attorney Finder.
Attend credit counseling
Under a law passed in 2005, debtors are required to attend an approved credit counseling class up to six months before filing for bankruptcy.
I recommend:
Satisfy the government's pre-filing credit counseling requirement by making an appointment with the Credit Counseling Center (CCC).
Initiate bankruptcy proceedings
Either the debtor or creditors can initiate bankruptcy proceedings. Once you've filed, an 'automatic stay' takes effect and prohibits creditors from taking action to collect on the debts you owe them.
I recommend:
Bankruptcy proceedings are handled in bankruptcy courts within each of the country's 94 federal judicial districts. Find the bankruptcy court for your district online at USCourts.gov.
Reorganize your debts
If you've filed for Chapter 11, you'll need to reorganize your debts, developing a plan to pay them. This might include closing stores, laying off employees, voiding contracts with suppliers or simply establishing a payment plan with your creditors.
I recommend:
Upon reorganizing debt, secured creditors – those that can claim collateral, such as your home or car, against you – are paid first, ahead of unsecured creditors. Read more about the differences between secured and unsecured debt in the CCH Business Owner's Toolkit.
Sell your assets
If you've filed for Chapter 7, you must liquidate your assets. You can begin the process yourself, but once you've filed the court will appoint a trustee to manage the remainder of your liquidation. In Chapter 11 cases, the trustee oversees your reorganization plan.
I recommend:
Assets are typically sold via private auction or public estate sales, such as those advertised online at BankruptcySales.com. Any sale of assets is subject to taxes by the Internal Revenue Service (IRS), which outlines its bankruptcy policies in Publication 908.
Rebuild
Bankruptcy stays on one's credit report for 10 years, but there is life after filing as bankruptcy can free you of bad contracts and hefty obligations, allowing you to push forward with a fresh start.
I recommend:
If you're truly intent on saving your business, make bankruptcy your last option. First, consider one the suggestions from AllBusiness' "Alternatives to Declaring Business Bankruptcy."
Tips & Tactics
Helpful advice for making the most of this Guide- Stay current on your taxes. Bankruptcy courts don't typically excuse them and the IRS is a notoriously fierce creditor.
- Insure your business for up to a year after you'll file for bankruptcy; you'll have to continue making payments, but you'll be spared the frustration of trying to find a new carrier as a bankrupt business owner.
- Avoid paying some creditors and not others before filing; courts call this making 'preferential payments' and bankruptcy law frowns upon it.








