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Tractor man

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Tractor man

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Wednesday, 01/10/2018 12:13:52 AM

Wednesday, January 10, 2018 12:13:52 AM

Post# of 3518
Corporate Bankruptcy Basics
Corporations have the option of filing under two separate bankruptcy chapters: Chapter 7 and Chapter 11. Much like personal bankruptcy, a Chapter 7 filing dissolves the corporation, selling off its assets to pay creditors. Chapter 11 is more like a personal Chapter 13 filing, where the corporation remains in business but is restructured and monitored under the bankruptcy court. This enables the business to pay off creditors all the while attempting to regain profits.
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