Massachusetts Business Bankruptcy
When a business longer has sufficient cash flow or credit to pay its debts or operate its business, it can seek legal protection from creditors by choosing to file for bankruptcy under the US Bankruptcy Code.
Businesses that are organized as a Corporation, LLC or Partnership, are eligible to file a Business bankruptcy in the business's name. The options available for a business are: Business Chapter 7, where the business stops operating permanently, or; Chapter 11, where the business' debts are reorganized in an effort to return to profitability.
If your business is not a corporation, LLC or partnership, you are likely conducting business as a sole proprietor. In that case, you are personally responsible for the assets and liabilities of the business and you should visit our personal bankruptcy page.