$150k Business Debt Successfully Eliminated Through Chapter 7 Bankruptcy.
Song Law Firm bankruptcy team successfully assisted a client file a Chapter 7 bankruptcy. When there is high debt and a low possibility of being able to pay back to creditors, Chapter 7 is considered. The client had a small business which was not making enough money after COVID19 pandemic. After Chapter 7 filing, the court assigned a trustee who believed the client’s business was an asset with equity that could be sold to pay off his debts, which we did not agree based on our analysis. The trustee started an examination of the client’s business records and finally determined the business was of no value. The court discharged the client’s debt. This action immediately cleared our client’s debts who is now finally debt free with a more optimistic financial future.