The Chapter 11 Bankruptcy Basics

Also known as the reorganization stage of bankruptcy, the Chapter 11 bankruptcy was derived from the USA bankruptcy code 11. It is a type of insolvency that entails the reorganization of a debtor’s assets and business affairs. This form of liquidation is filed by corporations that need enough time to reorganize their debts and it is basically meant to give a fresh start to the debtor. The fresh start is subjected to the Chapter 11 bankruptcy obligation fulfillment by the debtor, under the reorganization plan. It is available to partnerships, corporations and individuals. This form Read More …

The 6 Types of Bankruptcy Chapters and What they Mean

Most people are only aware of the Chapter 7 and 13 Bankruptcy Chapters. According to the Bankruptcy Code of the United States however, there are six chapters in all, found at Title 11. By being aware of them all, you will be at a much better position to decide which chapter best applies to the situation. Chapter 7 Chapter 7 bankruptcy is the most basic type and the one commonly taken by many individuals. In a Chapter 7 filing, all the unsecured assets are sold off and the proceeds are used to pay off the Read More …