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The most drastic method of settling financial problems, it involves liquidating, or selling, the debtor's non-exempt property and possessions and distributing the proceeds to the creditors.
Part of this agreement establishes what happens if the company does not have enough assets to completely pay off all business debts.
A general partnership operates under the personal responsibility of the partners.
Each partner is personally responsible for business obligations and claims.
The person also submits to the court schedules of all his assets and liabilities.
Assets include real property (such as real estate), personal property (household goods, clothing, retirement funds, cash, etc.), and all other assets.
A general partnership can follow the liquidation procedures established by the state Uniform Partnership Act or can set its own procedures by adopting a general partnership agreement.
Typically, the partners must first vote to liquidate the partnership, and one of the partners is selected to act as the liquidating partner.Otherwise, the creditor may petition the court for permission to repossess the asset.A trustee receives all the person's non-exempt assets, sells the items, and distributes the proceeds to creditors.If the partnership succeeds in paying off its bills from the sale of its assets, any remaining cash or assets must be distributed to the partners in proportion to their ownership interests.Terry Masters has been writing for law firms, corporations and nonprofit organizations since 1995.Upon filing for Chapter 7 bankruptcy in bankruptcy court, a person places his assets under the protection of the court and submits a Statement of Financial Affairs describing his background and financial history.