Bankruptcy actually allows you to discharge your debts in case you are unable to pay off your debts on time. The main objective of bankruptcy is to help you start a fresh and repay your creditors as mush as you can from your bankruptcy estate. There are two prevalent types of bankruptcy and they are Chapter 7 and Chapter 13. Here are some of the things about Chapter 7 and Chapter 13 you need to know.
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Archive for the ‘Chapter 11’
Chapter 11 Bankruptcy
s the economy has plummeted deeper and deeper over the last two years, bankruptcy filings of all types were markedly increased. This included companies who filed for reorganization under Chapter 11 of the United States Bankruptcy Code, which have nearly doubled in the past several years. Among the filers were some very large corporations: Lehman Brothers, Washington Mutual, General Motors, Chrysler, and CIT Group.
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