A business that files bankruptcy under Chapter 7 will pay its debts by liquidation of its assets. There are no exemptions in business bankruptcy, which means everything is sold. The creditors are ordered by priority of debt, and paid accordingly.With the assistance of a bankruptcy attorney, filing for business bankruptcy under Chapter 7 is quite simple and methodical: the assets are sold and creditors are paid. As a business owner, unless you took personal responsibility to pay lenders, you personally carry out very little of the process.In the event that you did take personal responsibility to pay debts of the business, it is in your best interest to contact our experienced bankruptcy attorneys. We can discuss with you the option to file personal bankruptcy. Our priority is to protect your rights against creditors and help you make informed legal decisions regarding the financial state of your business.