Liquidating auto loans
You'll need to speak to the creditor about how to handle the collateral if you can't repay the debt—whether you will give it to the creditor as is or sell it with the creditor's permission, giving the proceeds to the creditor.
Likewise, leased property belongs to the lessor, not to you.
You will also need this information for your tax returns.
Next you'll want to find buyers for property that is fully paid for and that you have not pledged as collateral for another loan.
If you find yoursef in this position, there are a couple of routes you can take: Once you're done selling your business assets, if there is money left over after paying off your creditors, be sure to follow the rules for making a final distribution of cash to yourself and any other owners.
Secured auto loans use a collateral in order to reduce the cost of financing to the borrower and to reduce the risk of financing to the lender.
Also search for websites that specialize in auctions for your industry; there are sites that specialize in restaurant equipment, industrial machinery, high-tech equipment, construction equipment, and so on.
Request refunds on your workers' compensation premiums and liability insurance premiums, if your policies' terms allow it.