When Consumers Get Notices About A Business’s Bankruptcy — When You Are Suddenly A Creditor.
[ad_1] My community was recently rocked by two businesses who were suddenly in Chapter 7 bankruptcy with unhappy clients and customers. Chapter 7 bankruptcy for business is a very different process than when people file for Chapter 7 bankruptcy. A business in Chapter 7 no longer is able to conduct business and any assets are subject to liquidation by the appointed Chapter 7 trustee. Questions and letters to the editor followed regarding the bankruptcies as community members wondered what could be done. One business was a car sales lot and the other was a funeral home. In each case, allegations of...
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