What are the advantages of Chapter 7 bankruptcy?

A Chapter 7 bankruptcy specifically as it relates to a Chapter 7 bankruptcy for a business allows an orderly liquidation and winding up of affairs of a company that has struggled in business for quite some time and needs the assistance of the court and a trustee to ensure that there aren’t any liabilities that remain outstanding at the end of the winding down process for that business.

It also allows an owner, for instance, to purchase assets of that business possibly even to work out a deal with a trustee to restart a business under a different name, a different entity without bringing into that entity all of the debt associated with the old company that’s now being wound down.