bankruptcy laws are designed to help individuals and businesses to illuminate some or all of their debt, or to help them pay off a portion of what they owe. There are many reasons why people may file for bankruptcy
Bankruptcy and insolvency are different situations. While insolvency can lead to bankruptcy, it is actually a situation in which...
Filing under Chapter 11 allows the debtor to retain control of the business and make payments to their creditors. Chapter 7 forces a closure and liquidation of the business. The proceeds from the debtor's bankruptcy estate, their remaining assets, are then distributed to their creditors. Chapter ...
are declaring Chapter 9 bankruptcy. In fact, three California cities recently declared Chapter 9 bankruptcies. Warren Buffet, the billionaire investor, said on July 16 that he believes that the very fact that they filed could create a climate where it's easier for other towns to do the same....
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are different types of bankruptcies to choose from. a chapter 7 bankruptcy is known as a straight bankruptcy because it cancels unsecured debt and liquidates secured debt and assets to repay creditors. danielfela/istock via getty images chapter 7 bankruptcy meaning chapter 7 bankruptcy is a ...
there are several different ways to approach it. If you're looking for a way to repay creditors and meet certain financial qualifications, filingChapter 7 bankruptcyis one way to do that. Under Chapter 7 bankruptcy, you can sell or liquidate assets that are not exempt from the bankruptcy to...
The article offers a background information about the types of bankruptcies commonly filed by individuals, Chapter 7 and Chapter 13. The Chapter 7 filing process includes filing of some paperwork and one brief appearance before the bankruptcy trustee. In Chapter 13 bankruptcy, individuals use a port...
Chapter 7 andChapter 11bankruptcies serve different purposes. Chapter 7 involves the sale of the debtor’s non-exempt assets by a court-appointed trustee. The proceeds are used to pay off creditors. Chapter 11 bankruptcy, meanwhile, is often referred to as reorganization bankruptcy and is predomin...
Financial institutions offer various products and services for individual and commercial clients. The specific services offered vary widely betweendifferent types of financial institutions. Here are some of the types consumers are most likely to use: Banks, Credit Unions, and Savings & Loans These fina...