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The company announced that it would file for Chapter 11 bankruptcy in February 2017. It was ultimately converted to Chapter 7 liquidation. This plan was approved on February 16, and going-out-of-business sales at all 68 remaining stores began immediately thereafter. [5] [6] All stores closed by June 2017.
The timing of the company's bankruptcy meant liquidation sales were cut short due to the COVID-19 pandemic, and the case was converted to Chapter 7 bankruptcy by April. [21] [22] Levin Furniture's stores were reacquired by former owner Robert Levin during bankruptcy proceedings, and were reopened under his ownership later in 2020. [23]
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]
The November bankruptcy filing leaves at least 15 EMS agencies across the state in financial distress and endangers the availability of emergency services for Michiganders in the eastern U.P.
Chapter 7 bankruptcy With Chapter 7 bankruptcy, major assets like secondary vehicles or properties are sold. The proceeds are then used to pay off debts, and most unsecured debt is absolved.
Filing Chapter 13 immediately after Chapter 7 is also referred to as Chapter 20 bankruptcy. You won’t receive a discharge when filing Chapter 20 since you aren’t waiting the full four years.
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