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When Big Lots announced it was filing for Chapter 11 bankruptcy protection in September, it planned on closing more than 340 stores, USA TODAY reports. Another 50 closures were announced in October.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
This is because filing for bankruptcy costs money, and if you have a smaller debt, it may not be worth the effort and fees. Most bankruptcy lawyers won’t take on your case unless you have at ...
Red Lobster considers filing for Chapter 11 bankruptcy As reported earlier, Red Lobster was considering filing for Chapter 11 bankruptcy after a failed promotion cost it millions of dollars ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Over $4 billion in debt (largest Chapter 9 bankruptcy until 2013 Detroit bankruptcy filing,) [36] from sewer revenue bonds tainted by an interest rate swap bribery scandal with JPMorgan and county commissioner Larry Langford, and bond insurance credit rating collapse in the late-2000s subprime mortgage crisis, followed by the occupation tax ...
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