Business bankruptcy

[mbahani614]

I m about to file for a business bankruptcy chapter 7. What to do and don't? As far as asset left over

[shipo]

Please provide some context for your situation.

[mbahani614]

Can I liquidate some of the assets before filing

[shipo]

Not enough information to go on.

[justbroke]

Can I liquidate some of the assets before filing

I can't provide you with any legal advice, but look to your State LLC statutes. There are likely provisions that determine how you wind up an LLC and that the assets are property of the LLC and any proceeds should be used to pay creditors. Literally, if you're filing a business bankruptcy part of it will be to wind up the company by selling the assets and paying the creditors. If you are a single-member LLC you should probably be extra careful.

Bottom line, things may depend on what type of business (entity) you are trying to liquidate. I assume that you have an attorney and they are advising you on how to file a business Chapter 7, dissolve, and wind up the business.