Question: I need to know if my business can file a chapter 7 bankruptcy.
I invested in a craft brewery and it's just not going to work out and now I need to protect myself by going bankrupt. I have a couple of college buddies and we always loved getting together and drinking beer. We'd experiment with all types of beers. We loved to drink stouts, porters, Belgians, brown ales, IPA's, wheat ale, lagers, you name it. We had different jobs. I was a commercial real estate broker in Roswell. My friend sold new cars in Alpharetta. And my other friend worked in a tech business in Dunwoody.
We thought we could make money running our own craft beer company. We leased space, bought some equipment and started laying the groundwork for marketing all over Georgia.
Anyway, we ran out of money and no one can afford to put in more capital. We're just way over-extended. We're paying out a lot of money each month and we don't have any sales. We actually haven't made any beer. The business cannot sustain itself; we are not making a profit, we are just incurring losses.
I have to find out if we can just get out from under the debt burden of our small business and if we can file a business bankruptcy for our company? We all live in Alpharetta.
Answer: Businesses can file a chapter 7 bankruptcy, just as individuals can. In fact, many businesses do file chapter 7. A chapter 7 is filed to enable the business to discharge all of its debts. Many businesses incur significant debt and if that business is no longer financially viable, the way to eradicate the debt is through a bankruptcy filing.
If a company wishes to invoke a chapter 7, then it needs to close the business completely. It may or may not have to surrender its equipment and other assets to a bankruptcy trustee. We would have to meet with you and perform a financial assessment for the business to determine what exactly you need to do to invoke a chapter 7 bankruptcy.
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