When Your Business Is Struggling Financially: Dealing With Your Debt Through Commercial Bankruptcy

Finance & Money Blog

A commercial bankruptcy occurs when a business is struggling with debt and is not able to succeed with their current debt schedule. Like a personal bankruptcy, a commercial bankruptcy can eliminate debt, or the debt can be restructured for the business to have a better chance of paying it back. In chapter 7 bankruptcy, the business is dissolved and assets are liquidated. This is a clean break from creditors when a business fails.

15 March 2019