Commercial Bankruptcy Law

A business partner can enhance your professional experience when her own professional (and personal) life is on track. However, if your business partner experiences financial difficulties...

In most cases, bankruptcies are filed by debtors but creditors may file an involuntary petition for bankruptcy against a debtor. These petitions typically are filed to try and recoup a portion of...

A creditor of a business that filed for Chapter 11 bankruptcy protection must file certain procedures in order to file a claim in the case. The U.S. Bankruptcy Code, together with the local rules...

When filing for Chapter 11 bankruptcy protection, certain debts may be eligible for discharge. This means that a business owner is no longer required to pay her outstanding debt nor can a creditor...

Owing and operating a small business may be your life's dream. Understanding the importance of your business, you nonetheless can reach a juncture at which you need to take a significant step to...

Commercial bankruptcy comes in three different varieties, including chapter seven, chapter eleven, and chapter thirteen. Each chapter produces a different result.

Small business bankruptcy is a federal legal proceeding that allows businesses to reduce or eliminate debt. Sometimes the business continues to exist after bankruptcy, but other times it does not.

There is an important difference between declaring bankruptcy and insolvency. Declaring bankruptcy occurs when a debtor voluntarily or involuntarily goes through the legal process of bankruptcy. ...

Individuals filing for Chapter 7 bankruptcy are required to identify all of their assets, including their homes. However, federal and state bankruptcy laws may allow homeowners to keep their homes...

Different types of bankruptcy proceedings impact shareholders of corporations in a variety of ways. Officers of a corporation contemplating bankruptcy for the business enterprise need to...

A creditor can increase the odds of receiving payment on a claim by being aware of his rights and responsibilities throughout the bankruptcy process. It is essential to take action quickly,...

There are two primary bankruptcy options for builders. A Chapter 7 bankruptcy permits a builder to shut down operations and obtain an order from the court discharging debts. A Chapter 11...

Filing for bankruptcy on behalf of a corporation is different from filing as an individual, even though a corporation is treated as a separate legal entity under corporate law. The financial and...

A Chapter 11 bankruptcy, known as reorganization, is beneficial to a company that wishes to continue in operation. A Chapter 7 bankruptcy, known as liquidation, is beneficial for a company that no...

Many cringe at the mention of bankruptcy, which is a legal proceeding involving individuals or organizations who are unable to repay outstanding debt. You may be surprised to learn that other...

Bondholders, like all stakeholders in a company, will be affected when a company files bankruptcy. In bankruptcy, protection is afforded first to secured creditors, then to unsecured creditors,...

If your employer filed for bankruptcy protection and owes you wages, you need to file what is known as a proof of claim form. The proof of claim form is a document provided to all creditors by the...

As the owner or representative of a business in financial trouble, you need to understand the basic differences between a Chapter 7 and a Chapter 11 bankruptcy. In order to select the best course...

If you live in New Jersey and are considering filing bankruptcy due to overwhelming unsecured debt that you can no longer manage, having a competent bankruptcy attorney is essential. New Jersey...

In 2005, some significant alterations were made to the U.S. Bankruptcy Code, particularly to Chapter 7. These changes affect both individual and corporate debtors alike. Before a corporation seeks...

A Chapter 11 bankruptcy is designed to allow a business or an individual debtor to reorganize debt. Chapter 11 is rarely used by individual debtors, but is commonly used by corporations in need of...

To check if a business has filed Chapter 11 you will need to access the docket of the federal bankruptcy court for the district where the company is located or where it was registered. The U.S....

Bankruptcy conjures up nothing but negative connotations, but in reality it's an option that can have a positive outcome for many struggling business. While bankruptcy isn't good from a public...

Chapter 11 bankruptcy is easily the most expensive form of bankruptcy, at least on average. Costs can vary widely depending on the fee arrangement with the attorney, the number of creditors who...

Section 107 of the Federal Bankruptcy code makes all filings in a bankruptcy a public record. However, the only public notice of a bankruptcy filing required by law is a notice sent to creditors...

Businesses facing bankruptcy have a choice regarding which chapter to file, but bankruptcy laws require all businesses to be represented by an attorney. This means you can't "do it yourself." You...

Chapter 11 of the U.S. Bankruptcy code is intended for businesses seeking to reorganize their debts and accept a payment plan to pay at least some of those debts. A Chapter 11 plan allows a...

Businesses facing bankruptcy have a choice. The owner can close the business and liquidate its assets, reorganize and repay the debts, or keep the same organization and buy some time to repay debts.

Privately owned businesses can file for bankruptcy under either Chapter 7, 11 or 13 of the U.S. Bankruptcy Code. Each chapter involves distinct procedures and ends with a different result.

The Federal Rules of Bankruptcy Procedures (Rules) is published by the Legal Information Institute at Cornell Law School. The latest version, printed December 2008, incorporates the December 1,...

If you are swimming in debt, you may have decided to pursue a Chapter 13 bankruptcy. Unlike a Chapter 7 bankruptcy--the most common type of bankruptcy filed by consumers--your debts are not...

Hiring a tax attorney has its many advantages. Tax attorneys can keep you from getting abused by the IRS, and also act as a liaison between you and the legal system. Remember that hiring the...

When deciding to declare bankruptcy you have most likely been struggling with your financial situation for quite some time. So the thought of hiring a bankruptcy layer may seem out of the...

Corporations can file for bankruptcy under either Chapter 7 or Chapter 11. Chapter 7 is an extreme form of bankruptcy that results in the termination of the business, while Chapter 11 is a way for...

Chapter 11 is a bankruptcy that allows a failing business to attempt to reorganize in a way that can keep the business alive.

A declaration of bankruptcy under Chapter 11, Title 11, of the United States Code, typically permits the corporate debtor to reorganize, shed a portion of its debt and/or contractual obligations...

A corporate debtor filing for bankruptcy under Chapter 7, Title 11 of the United States Code faces liquidation of its assets. Unlike bankruptcies under Chapters 11 and 13, which allow for...

Chapter 13 bankruptcy is a repayment plan that allows consumer debtors to pay back some or all of their debt over a 3- to 5-year period of time without the threat of adverse action taken by their...

A fair and efficient system for business bankruptcy is essential for a capitalist economy. If bankruptcy was too harsh on the debtor, if would be a disincentive to valuable entrepreneurial...

Corporate Chapter 7 bankruptcy is similar to personal bankruptcy, except that the business must stop operations and lose all its assets to repay any creditor losses. Filing Chapter 7 bankruptcy...

There are six types of bankruptcy in the United States, though it is important to remember most cases are Chapter 7 debt forgiveness or Chapter 13 debt restructuring. Businesses, individuals, and...

Whether you have children of your own or you simply know a few children who are near and dear to your heart, it is common to want to incorporate children into a wedding ceremony. In the days of...

When a mortgage lender goes out of business, there is often confusion among borrowers as to what will happen to their lender and their mortgage. In most cases, the fate of the mortgage lender...

Chapter 11 bankruptcy is a lot like Chapter 13 bankruptcy that is filed by individuals. However, Chapter 11 is most often used by corporations, partnerships or business owners as a way to...

Chapter 11 of bankruptcy is part of the United States Bankruptcy Code. The law establishes the fundamental process and rules regarding reorganization anywhere under the authority of the United...

If your LLC is in trouble and you are considering filing for bankruptcy, keep in mind that doing so might not exempt you from repaying your debt. Typically, when you start an LLC, your personal...

Corporation bankruptcy laws are similar to personal bankruptcy regulations, but offer a major difference. Businesses can file for Chapter 7 bankruptcy, as many individuals do. But, they also may...

Unlike many other forms of bankruptcy, Chapter 11 is for businesses rather than individuals. It allows a corporation that has accumulated too much debt to restructure its financial affairs. Though...

Bankruptcy is a legal process that is invoked when an individual or business is unable to pay its creditors. Several types of bankruptcy are permitted under the U.S. Code, all of which work to...