The one who is not able to pay up all their debts are considered to be as bankrupt. This can also happen to a business and when it does then the business owner should file for this in the courts. What do business firms in Michigan do? They will get the services of a lawyer who is well acquainted with the chapter 7 bankruptcy in Michigan law. What happens is that no sooner one files for bankruptcy that they are required to get credit counseling.

Next one should submit a chapter 7 bankruptcy petition which will protect them from creditors. Soon after this a trustee will take over your business firm and there are some questions which you need to answer before the trustee starts administrating your business. The creditors will also be heard and settled but assets will remain intact. After all these a discharge is granted and the case is closed.