What is Liquidation?

Liquidation is a strategy for ending a business which involves selling all available assets to recover as many funds as possible before permanently closing up shop. Liquidation may be required under the terms of some Chapter 7 bankruptcy cases as a means for the bankrupt party to repay creditors. Liquidating a business successfully requires some serious planning and thought, and can add to the already stressful circumstances of filing for bankruptcy.

A good attorney and accountant are important to successfully completing a business liquidation. The New Orleans bankruptcy attorneys of the Law Offices of Kervin & Young can help make sure you receive the most for your available assets. To learn more about how we can help you, contact us today at 504-599-5906.

Tips for Business Liquidation

While a business may need to be liquidated for a variety of reasons, there are some tips that will make the process easier regardless of the cause:

• Talk to your lawyer and accountant.
• Assess the value of your assets.
• If it makes you more comfortable, hire a firm to run the sale for you.
• Advertise the liquidation.
• Do not allow returns or make unnecessary guarantees on things you are selling.

If you have any questions during your liquidation, it is best to seek the advice of a professional rather than take risks that may cost you in the long run.

Contact Us

If you are considering filing for bankruptcy and think liquidation may be the right option, contact the New Orleans bankruptcy lawyers of Kervin & Young. Call 504-599-5906 to discuss your options today.