How to Declare Business Bankruptcy

1). Select the form of bankruptcy that makes the most sense for your business. If you reasonably believe your business can operate into the future if you reorganize your operations and restructure your debt and obligations, select a Chapter 11 proceeding. On the other hand, if you reasonably cannot make ends meet even with bankruptcy protection, a Chapter 7 bankruptcy is the suitable alternative.
2). Obtain a petition form for the type of bankruptcy you desire from the clerk of the bankruptcy court. Bankruptcy court clerks maintain standard forms for businesses seeking bankruptcy protection (enterprises that do not have legal representation). Additionally, these forms are available through the main website of the U.S. Bankruptcy Courts (http://www.uscourts.gov/bkforms/index.html).
3). Complete your petition for bankruptcy, following the guidelines provided by the court clerk at the time you receive the form.
4). List all of your business' creditors. The petition for bankruptcy includes an attached schedule on which you itemize each creditor, the amount due, the account number and the address.
5). File the completed petition for bankruptcy with the bankruptcy court clerk.
6). Pay the required filing fee. The fees for Chapter 7 and Chapter 11 bankruptcies vary. Additionally, the amount of the fees for these types of cases varies from one jurisdiction to another. The bankruptcy court clerk will provide specific fee information.