chapter 13

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Two Basic Types of Consumer Bankruptcy

Two basic types of consumer bankruptcy cases are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them. Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions [...]

By | 2016-11-14T23:35:09+00:00 August 15th, 2010|Bankruptcy Blog|0 Comments

Alternatives to Chapter 7 Bankruptcy

Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor [...]

By | 2010-07-12T04:45:25+00:00 July 12th, 2010|Bankruptcy Blog|0 Comments