Can a business keep their trade name if the business files for Chapter 7 bankruptcy in Georgia?
2 Answers from Attorneys
If the business is a corporation filing, the Chapter 7 liquidates and terminates the entity so there is no business left to retain the trade name.
If an individual files Chapter 7 and operates a business, the Trustee may or may not seize the business and market its assets, which includes its name.
Business bankruptcies are highly complex. Ifit is a corporate bankruptcy, the business cannot legally file without counsel. And in ANY business bankruptcy, even an individual one, filing without a lawyer will often be a catastrophe.
If you're considering bankruptcy, call me at 404-768-3509 for an appointment.
Why would you want to? After a Chapter 7 is closed, if the names were not sold, the owner might be able to use the company name or trade names. They don't just go away completely. However, those names are listed on the petition and will always be associated with a Chapter 7 debtor. Banks, creditors and others will see it and since there is no discharge for a business old creditors might be very interested. Rarely will this make sense.
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