Question: My business is having serious financial issues. Recently our sales have fallen off drastically. I think the business will need bankruptcy protection. I've heard that a business can file a chapter 7 bankruptcy. I don't want to operate the business any longer. I'd like to close it and maybe open another business soon.
I filed a personal chapter 7 about four years ago and got a totally fresh start. I've had this business for a few years and it started out very well. We made a lot of money our first year, a little bit of money our second year and our third year we got into trouble. The business is a restaurant. Now I and my cousin want to open a landscape business here in Cumming. I live in Forsyth County.
If my business files a chapter 7, how long do I have to wait to open a landscape business? Also, where do I have to go to court for my business bankruptcy?
T.B. in Cumming, GA
Answer: If you file a chapter 7 business bankruptcy usually you do not have to wait any length of time before you can open another business. We have had clients start other businesses a day or two after filing for bankruptcy.
If you live in Forsyth County and your business is located in Forsyth County then you would go to bankruptcy court in Gainesville, GA. The bankruptcy court in Gainesville is one of the bankruptcy courts in the Northern District of Georgia.
As business bankruptcy lawyers, we're here to help you get a fresh financial start.
Attorneys Bill Sherman and Valerie Sherman and the team at the Sherman Law Group will help you navigate the entire bankruptcy system. We proudly serve the entire Atlanta metro area and North Georgia.