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CommonSense Media, a group made up of advertisers and publishers in the progressive political world, has filed for bankruptcy. According to court records, the company has approximately $8,500 on hand and accounts receivable amounting to $17,000. This is a Chapter 7 filing, meaning that assets will be liquidated to satisfy creditors.

While CommonSense Media is known in the blogosphere for progressive leanings, its creditors also include such conservative giants as The Drudge Report, RedState, The National Review Online and The Hill. Other creditors include Talking Points Memo, Daily Kos, Crooks and Liars, and Alternet.

Under the terms of a Chapter 7 filling, it is unlikely that CommonSense Media will ever return as a business entity. In general, this type of bankruptcy filing liquidates all assets and uses the cash to pay off creditors, and it does not include any kind of payment plan. In some cases, the Bankruptcy Code allows the debtor to keep exempt property. Filing a Chapter 7 petition usually puts an automatic stay on collection activity. However, the debtor needs to be aware that the automatic stay is only for a short time in many cases. Exempt property is covered under federal law or by the laws of the debtor’s state. State laws vary widely regarding exempt property.

It is often difficult for a business to make the decision to file Chapter 7 and liquidate most of its assets. Many years of hard work may have gone into building the business, so it may be helpful to allow a Florida bankruptcy attorney to review the case. An attorney can make recommendations as to which chapter of the Bankruptcy Code best suits the needs of the individual business.

Source: The Huffington Post, “CommonSense Media Files For Bankruptcy,” Michael Calderone, March 29, 2013