Also known as a liquidation bankruptcy, under Chapter 7, a court trustee determines whether you have assets worth selling off to your creditors. (What counts as an asset varies by state, but most Chapter 7 cases end up being “no asset,” meaning nothing is liquidated.) To qualify for Cha...
Depending on your business's legal structure and assets, you may be eligible to file for either aChapter 7,Chapter 11orChapter 13bankruptcy. Here is a basic overview of each type: Chapter 7bankruptcy is for businesses that intend to shut down and liquidate their assets to pay off debts. Ch...
How Do Bankruptcy Exemptions Work? Exemptions always protect the same amount of property regardless of the chapter filed. However, what happens to "nonexempt" property you can't protect with a bankruptcy exemption will depend on whether you file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7...
Chapter 11, entitled Reorganization, ordinarily is used by commercial enterprises that desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization. The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the...
Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, Chapter 7 bankruptcy involves the liquidation of non-exempt assets to repay creditors. It is designed for individuals with limited income or resources who are unable to repay their debts. In Chapter 7 bankruptcy, a court-appointed trustee...
According to LegalZoom, you can file forChapter 7 bankruptcy, which will require you to sell all LLC assets to creditors. Afterward, any remaining debts disappear, and your LLC business no longer exists. However, none of your personal assets would be touched. ...
Jack Snowdin
Eventually, many are forced to file bankruptcy anyway. And this is never a bad thing. A Fresh Start The U.S. Bankruptcy Code was designed to provide individuals with a fresh start for their financial situation. Filing Chapter 7 means a discharge or wiping out of debts you do not want...
“Millions of people have filed for Chapter 7 and Chapter 13 bankruptcy protection. You are not alone. I will fight to protect your rights and look out for your best interests. Call me today at 636-486-1093 to arrange a free consultation.”— Attorney Charles “Guss” Markwell Overview ...
Public companies tend to file under Chapter 11 rather than Chapter 7 because it allows them to continue to run their businesses and participate in the bankruptcy process. Rather than simply turning over its assets to a trustee for liquidation, as it would have to in Chapter 7, a company ente...