Can My Business File A Chapter 7 Bankruptcy?

Question: Our restaurant in Roswell is not doing well. Our business is down because I think many people now want to eat on Canton Street. We're not on a major road. My wife and I own the restaurant and we have invested a lot of money in it. We definitely need to close it before we lose even more money.

We owe a lot of business debt to everyone from our landlord to our suppliers to a company that provides us food and beverages.

We had a restaurant in Dunwoody about 5 years ago but we sold it. Then our frozen yogurt store in Woodstock ran into problems because we opened in the fall and people do not buy yogurt in the fall and winter.

I need to know if businesses like restaurants can file chapter 7 bankruptcies. My wife and I filed a chapter 7 bankruptcy together about 10 years ago and it really helped us. If we can do the same for our restaurant business that would be great. If the restaurant can file then we can open another restaurant in Roswell but at a better location. Maybe this time we'll open a French or Italian restaurant.

We also live in Roswell and our kids go to school here. I'm pretty stressed out about everything so I do need some help.

Answer: Yes, a business can file a chapter 7 bankruptcy, just like an individual can. Many businesses, in fact, utilize a chapter 7 to get a fresh start. We have had clients who file a business chapter 7 and then open another business within the month. If a business qualifies for a chapter 7, then its debts are eliminated, they are discharged.

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