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Bankruptcy is a legal process to help individuals and businesses manage overwhelming debt. While it provides a path to financial relief, the decision to file bankruptcy requires careful scrutiny ...
Before filing for bankruptcy, many people explore debt settlement or debt management programs. While these options can work for some, they may not be effective if you have large amounts of debt ...
However, to file for Chapter 7 bankruptcy, you’ll need to pass the Chapter 7 means test. This test looks at the last six months of your disposable income to determine if you can afford to pay ...
In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
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]
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