0:04
chapter 7 for a business I almost never
0:09
advise to do uh it’s usually not a good
0:12
idea The Limited times that I will uh
0:16
advise it is if there is an IRS issue
0:19
that needs to be addressed and a trustee
0:22
can come in take assets and pay the IRS
0:27
before other creditors and therefore an
0:30
individual’s liability is lessened or if
0:34
a company just wants to stop all future
0:39
litigation but in general I the reason
0:42
why I don’t advise chapter 7 for a
0:44
business is it
0:46
typically uh causes a problem for the
0:50
business owners the business owners are
0:52
typically investigated by a chapter 7
0:55
trustee there could be ensuing
0:57
litigation against the various
0:58
individuals and also the business does
1:02
not get a discharge in a chapter 7 in a
1:05
chapter 11 the business does chapter 7
1:08
it does not so for the most part I don’t
1:11
see a lot of benefits for a company to
1:14
file Chapter 7