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Generally, the WARN Act's requirements and penalties apply when an employer continues to run the business in bankruptcy, rather than close the business, and also when an employer plans a closing or mass layoff before filing bankruptcy. The WARN Act does not apply to a trustee in bankruptcy whose sole function is to close the business. [4]
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
A chapter 13 plan is a document filed with or shortly after a debtor's Chapter 13 bankruptcy petition. The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. In order for a plan to take effect, it must meet a number of requirements.
Chapter 13 bankruptcy: The basics. Chapter 13 bankruptcy lets you reorganize and repay your debts over three to five years. You make monthly payments to a trustee through a court-approved ...
A bankruptcy petition preparer is a person who is not an attorney or an employee of an attorneys who prepares a document for filing in the United States Bankruptcy Court for another person. Bankruptcy petition preparers are authorized in the bankruptcy code under 11 U.S.C. §110, [ 1 ] but are limited in the services that they provide direct to ...
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]