The rules and procedure for business bankruptcy has been described in chapter 11. As compared to other chapters of the bankruptcy code, the provisions here are completely different. In chapter 7, all assets and properties (except the ones that come under exemptions) of the person/business getting bankrupt is liquidated in order to pay off the debts. Nothing of that sort happens when a business goes bankrupt under chapter 11. This chapter allows the debtor to continue with the ownership of the organization and operate it as usual, but while following a re-structured repayment plan with the creditors.
Follow These 5 Steps to Register Your Business
July 17, 2010 By
If you are considering expanding your current business or starting a new one, you will have to obtain certain permits and licenses and follow a certain registration process. There are certain legal requirements that you have to fulfill. Following are the steps to register your business.
Stop Scratching Your Head over Whether Your Home Food Business Meet the Legal Requirements
July 17, 2010 By
Though the laws for home food business vary, depending upon the state you are running your business in and the kind of food you sell, there are still some basic regulations that are applicable to those who make food at home and sell it online or in other brick-and-mortar commercial avenues.
Registered Patent Attorney – Your Best Bet For Registration
June 28, 2010 By
Working with a registered patent attorney is always beneficial as in such a case you work with an attorney who has more knowledge of the patent law than other attorneys who are not registered. A registered attorney has access to more information in the USPTO. Besides, a registered attorney also has access to libraries and other state offices where an unregistered attorney can not go. So a registered attorney is in a better position to protect your ideas and inventions.
Corporate Bankruptcy
June 26, 2010 By
Corporate bankruptcy has been a debatable issue, especially the ones that are granted to companies under chapter 7 of the bankruptcy laws. If a corporation is unable to manage their finances and they are in such a bad state that can no more afford to pay off the debts they owe to their various creditors, they may like to file for bankruptcy in order to get the debt relief. They can file either for chapter 11 or for chapter 7 bankruptcy codes. Corporate bankruptcy cases are governed by federal bankruptcy laws.