If you’re considering a bankruptcy filing, you’ve probably heard about Donald Trump filing a bankruptcy case as well. He’s actually filed four cases, in 1991, 1992, 2004 and 2009. But, they’ve all been corporate cases. He’s never filed for personal bankruptcy. His New Jersey casinos and hotels had taken on too much debt, and as a result, his corporation, Trump … Read More
What happens when a corporation or LLC files a Chapter 7 bankruptcy case?
In the case of a corporation or LLC (limited liability company), the filing of a Chapter 7 bankruptcy case means that the business will not be permitted to continue its activities. The Court will appoint a Bankruptcy Trustee, who will literally shut down the business. In most cases, however, the business has already closed or the owners are contemplating closure. … Read More