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.
Filing Chapter 11 Bankruptcy – How To Get Prepared?
July 17, 2010 By
Chapter 11 bankruptcy can be the best option for those who are willing to make the repayment for their debts that they owe to different creditors while staying back in their business provided the terms are made a little more favorable. As compared to chapter 7, chapter 11 sounds to be a more difficult choice because you still owe your debts.
Personal Bankruptcy
June 28, 2010 By
Personal bankruptcy is the most common form of bankruptcy. The bankruptcy laws in the bankruptcy code have provided various provisions for personal bankruptcy. In this competitive world, things move very fast, therefore, in an attempt to meet the standard of living set by the society, many people fall in the cruel trap of various kinds of debts. If you are not very careful in handling your financial matters, these debts may put you in a deep financial trouble and sometimes, things may just go out of your control. There might be a situation when the debts you owe to the various creditors are much higher than the assets you own and the means of income you have. This is the time when you would probably like to give your financial life a fresh start by closing the old chapters. Here, you will have to take the help of various chapters as described in the bankruptcy code. Let’s go exploring the various options that the bankruptcy code provides you.
A Brief Insight Into Bankruptcy And Filing Bankruptcy
June 27, 2010 By
Bankruptcy is a legal term that declares that the person or organization declared bankrupt is unable to pay the debts they owe to their various creditors. However, it is not necessary that all the debts will be included in the bankruptcy discharge. It depends on the way the case has been debated by the debtor and his creditors in the bankruptcy court. The debtor filing for bankruptcy will be responsible to pay off any debts that the court decides to exclude from the bankruptcy discharge.
Bankruptcy Code – Understanding The Law
June 25, 2010 By
Bankruptcy code is the part of the bankruptcy laws in the United States. It is true that bankruptcy is a situation that is forced on persons with deep financial problems, but it is also true that the bankruptcy code has been included in the bankruptcy laws in order to protect such people from getting into further problems. This article intends to provide you valuable information regarding the various bankruptcy codes.