Chapter 7 is the type of bankruptcy most commonly filed. It is a type of bankruptcy where the business owner, or the individuals files, and what is referred to as the “estate,” transfers to the Trustee assigned to your case. It is the role of the trustee to determine if there are any non exempt assets available for distribution. In the large majority of cases, there won’t be any assets that the Trustee is capable of selling. In the case of a business owner, the entire company would potentially be liquidated, with the appropriate disbursements being made to the business’ creditors. When any individual files for Chapter 7, the court asks to examine the financial affairs of the business. The report is submitted, and the court takes action accordingly. All this requires the assistance of a Chapter 7 Bankruptcy Attorney Phoenix Arizona who knows how to properly file your case to ensure that the Trustee is not able to sell of any of your property. As a business owner, who may owe multiple creditors sizable debts, this is not a situation that you want to pursue without the assistance of a knowledgeable Chapter 7 Bankruptcy Attorney. For this reason; the Chapter 7 Bankruptcy Attorney Phoenix will oversee the entire proceeding, and ensure that it is resolved in the best interest of the client. Our Chapter 7 bankruptcy attorneys will navigate you through the process and help you avoid any traps in the bankruptcy code that consumers commonly fall prey to. The right assistance is critical so the client can tackle this tough situation in a smart way and recover from debt as quickly as possible.