The Differences Between Chapter 7 and Chapter 11 Bankruptcy for Businesses
There are key differences between Chapter 7 and Chapter 11 when it comes to business bankruptcy. Chapter 7 is known as a “liquidation” option and Chapter 11 attempts to reorganize the business by stabilizing its debts and operating expenses.
Do I Qualify For Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is often referred to as “the liquidation option” as the filing sells your non-exempt/unprotected assets to pay your creditors. This post outlines who can qualify for Chapter 7 bankruptcy.
Why It’s Important to Hire a Bankruptcy Attorney
Having the right bankruptcy attorney on your side is crucial to the success of your case. Going it alone isn’t a wise option as bankruptcy can be a very complicated process. There are all sorts of advantages to hiring an experienced bankruptcy attorney, and this post highlights a few of those.
How Personal Bankruptcies Work and What Happens After Filing
After filing for a personal bankruptcy, you’ll be granted the protection of automatic stay. From there, the court will assign your case a trustee schedule a Meeting of Creditors, providing your creditors notice of the bankruptcy filing.
How Does Business Bankruptcy Work?
There are three main types of bankruptcies and they have different effects on businesses and their owners. Whether you’re looking at Chapter 7, 11, or 13, you’ll want to consult a professional bankruptcy attorney to learn more about which option is best for you.
What Happens When A Homeowners’ Association (HOA) Goes Bankrupt?
Although rare, HOAs can go bankrupt. Typically, failing HOAs will file for Chapter 11 bankruptcy in an attempt to restructure their debts and reorganize. Members of the HOA can be involved in this process, depending on the specific situation.
Converting a Chapter 13 Bankruptcy to Chapter 7
Converting a Chapter 13 bankruptcy to a Chapter 7 proceeding may be the right option for those looking to liquidate and consolidate assets in a more efficient fashion. However, it’s important to understand the entire process to see if the conversion is even possible.
Can You Get a Loan After a Bankruptcy?
Understanding how a bankruptcy can affect your ability to qualify for credit is vital. The proceeding remains on your credit report for seven to ten years and can dramatically affect your ability to qualify for credit cards and unsecured personal loans.
What Happens to Child Support Debt in Personal Bankruptcy?
Child support debt cannot be discharged in either personal bankruptcy filing. In some cases, it may be able to shift resources from one debt to another, but it’s important to note there are no options to discharge or liquidate the debt.
What Happens to Employees When Their Employer Files for Bankruptcy
Understanding how bankruptcy will affect your employees is crucial as you consider filing. Employees are entitled to certain protections and compensation that will affect the overall value and cost-cutting of either Chapter 7 or Chapter 11.