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Congress enacted Section 1113 favoring voluntary solutions in response to NLRB v.Bildisco & Bildisco 465 U.S. 513 (1984) where the Supreme Court concluded that a debtor could reject a collective bargaining agreement without engaging in collective bargaining and that such unilateral alterations by a debtor would not violate the National Labor Relations Act (NLRA) 29 U.S.C. § 158.
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
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]
Bankruptcy Court Confirms Pittsburgh Corning Reorganization Plan PITTSBURGH--(BUSINESS WIRE)-- PPG Industries (NYS: PPG) ...
The Bankruptcy Reform Act of 1978 (Pub. L. 95–598, 92 Stat. 2549, November 6, 1978) is a United States Act of Congress regulating bankruptcy. The current Bankruptcy Code was enacted in 1978 by § 101 of the Act which generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act of 1898 ...
A Chapter 7 bankruptcy (or BK, as we call it) would eliminate most or all of their debts and they would get a clean slate. No litigation client ever wrote me a thank-you note, but plenty of my ...
Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. [ 1 ] This article is part of a series on the
A conventional bankruptcy case is one in which the debtor files for Chapter 11 relief without having agreed in advance to the terms of a plan of reorganization with its creditors. During the course of the Chapter 11 case, the debtor or, if the debtor does not retain the exclusive right to propose a plan, a creditor or creditor group may ...
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