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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]
A bankruptcy case is begun with the filing of the official form B1 bankruptcy petition. [10] The filing of a chapter 7 or chapter 13 personal bankruptcy case also requires the filing of schedules A through J, the statement of financial affairs as well as the form B22 means test.
Thus, the means test is a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. These filers may use Chapter 13 bankruptcy to repay a portion of their debts, but may not use Chapter 7 to wipe out their debts altogether. [8] The bankruptcy means test is complex and the terms that govern many parts of it ...
Red Lobster is looking to file for Chapter 11 bankruptcy to restructure its debts after attempting a promotion that sank the seafood restaurant chain's bottom line, according to Bloomberg.
True Value joins Big Lots, Red Lobster, Rite Aid in bankruptcy filings True Value is the latest restaurant or retail chain with a presence in Ohio to file for bankruptcy. It joins Big Lots , Red ...
The week before its bankruptcy announcement in September, Big Lots revealed it planned to close a distribution center in Columbus that would put 379 workers out of jobs, the Dispatch reported.
Cardinal Industries, Inc. was a corporation headquartered in Columbus, Ohio, United States. Established in 1954, it produced manufactured housing, including thousands of apartments in the United States. These one-story apartments were assembled on-site from 12 by 24 foot (3.7 by 7.3 m) modules.
Each United States Trustee, an officer of the Department of Justice, is responsible for maintaining and supervising a panel of private trustees for Chapter 7 bankruptcy cases (see ). The United States Trustee has other duties including the oversight of administration of most bankruptcy cases and trustees (see generally 28 U.S.C. § 586(a)(3) ).