Chapter 7 information from US courts. This chapter allows for "liquidation" of nonexempt property and the distribution of the proceeds to creditors. 

Chapter 11 Information from US courts. This chapter allows for reorganization, usually involving a corporation or partnership. A business owner usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.

Information on closing or selling your business from the SBA. Site has information on how to connect with local guidance in planning an exit strategy, as well as self evaluation tools for setting a market value for your business.