Search results
Results from the WOW.Com Content Network
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]
In Chapters 7, 12, and 13, creditors must file a "proof of claim" to be paid. In a Chapter 11 case, a creditor is not required to file a proof of claim (that is, a proof of claim is "deemed filed") if the creditor's claim is listed on the debtor's bankruptcy schedules, unless the claim is scheduled as "disputed, contingent, or unliquidated". [34]
This amount represents the debtors' estimate of known or potential pre-petition claims to be resolved in connection with the Chapter 11 cases. Such claims remain subject to future adjustments. Virtually all of the corporation's pre-petition debt is in default due to the filing and is included in Liabilities subject to compromise. Payment terms ...
When financial troubles mount and debts are piling up, filing for bankruptcy protection may be a last resort option. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when ...
It's not uncommon for business owners to worry about paying creditors, especially during times of extended economic downturn. But when a business is struggling with debt to the point that it can...
In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3] Although the individual causes of bankruptcy are complex and multifaceted, most personal bankruptcies involve significant medical bills. [4] Individual bankruptcies are usually filed under chapter 7 or chapter 13.
Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: [2] Chapter 1: General Provisions; Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality
Joann Files For Bankruptcy. Once one of the country’s largest arts and crafts retailers, Joann announced on Wednesday that it is filing for Chapter 11 bankruptcy and seeking a sale to keep its ...