Bankruptcy Lawyer Manti Utah

bankruptcy attorney Manti Utah

The difference between liquidation, closing down and declaring bankruptcy

Liquidation, closing down, and declaring bankruptcy is all business concepts that inspire dread. But there is a difference among them—a difference that could mean the difference between hitting your target and missing it by miles.


The first thing to know is that liquidation, closing down, and declaring bankruptcy are not the same things. Liquidation is what happens when a company ceases its operations and sells off whatever assets it has left in order to pay off creditors. A good example of this would be Circuit City, which went into liquidation in 2009 after failing to compete with big-box stores like Best Buy.


Liquidation is a very different animal from going out of business or declaring bankruptcy. When a business declares bankruptcy, it’s not necessarily over—in fact, it may still have a chance if it can get some breathing room in order to make improvements and try again with a new strategy.

Closing Down

Closing down, on the other hand, means the company is done for good; any leftover money will go to paying off creditors rather than reopening or operating again under a different name.

A company can also close down for one reason or another without being liquidated or declaring bankruptcy; in these cases, it’s generally because the debt load has become too great for the owners to handle.

Businesses can close for many reasons, but the three main ones are liquidation, closing down, and declaring bankruptcy. There is a difference between each of these, though the terms are often used interchangeably by those who are unfamiliar with them.

Declaring Bankruptcy

Declaring bankruptcy is a process in which a person or business legally declares that they cannot pay their debts. In some cases, it’s the only way to get out from under an insurmountable pile of debt. Bankruptcy is a last resort and usually happens when the debtor has no other options.

The three basic types of bankruptcies are Chapter 7, Chapter 13, and Chapter 11. In each case, the individual or business must file for bankruptcy in court. The judge will then decide if the filing meets certain criteria for eligibility, which varies depending on the type of bankruptcy being filed for.

If you have any questions, you can get a free consultation with the Best Attorneys in Utah.

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506


When you need a Bankruptcy Lawyer, contact this law firm:

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
Ascent Law LLC

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Manti, Utah

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Manti, Utah
Birdseye view of Manti and the Sanpete Valley, August 2004

Birdseye view of Manti and the Sanpete Valley, August 2004
Location in Sanpete County and the state of Utah.

Location in Sanpete County and the state of Utah.
Coordinates: 39°15′53″N 111°38′20″WCoordinates39°15′53″N 111°38′20″W
Country United States
State Utah
County Sanpete
Founded 1849
Incorporated 1851
Founded by George Washington Bradley and Isaac Morley
Named for A city in the Book of Mormon

 • Mayor Korry Soper

 • Total 3.15 sq mi (8.17 km2)
 • Land 3.15 sq mi (8.17 km2)
 • Water 0.00 sq mi (0.00 km2)

5,611 ft (1,710 m)

 • Total 3,429
 • Density 1,088.5/sq mi (419.7/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP code
Area code 435
FIPS code 49-47730[3]
GNIS feature ID 1443136[2]

Manti (/ˈmænt/ MAN-ty) is a city in and the county seat of Sanpete CountyUtah, United States.[4] The population was 3,276 at the 2010 United States Census.

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