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Your business is in a legal state of insolvency if either: 1) it cannot pay its business debts when they become due, or 2) the assets of the business are less than your debts.

A business in a state of insolvency may either seek protection under the law to allow a chance to reorganize or liquidate in an orderly fashion.

A competent bankruptcy attorney can help you understand the specifics involved, and ensure you file all proper paperwork.

 

 

 


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