Commercial Bankruptcy Law

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...

Corporations are separate legal entities under corporate law, and they are entitled to file for bankruptcy under either Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code. Initial filing...

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...

The U.S. Bankruptcy Code has six different chapters under which you can file. Which chapter you choose largely depends on your reasons for filing bankruptcy. Entities, including hospitals,...

The standard procedures for filing a bankruptcy petition are the same for S corporations as for other corporations. However, since S corporations are exempt from most federal taxes, S corporation...

When your bankruptcy case is dismissed, this means the bankruptcy has ended unsuccessfully. It means the case is thrown out of court and the bankruptcy Plan was not completed. When a case is...

In the United States, bankruptcy courts fall under the jurisdiction of the federal court system. That means proceedings are not handled by local, county or state judges, even though U.S. district...

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...

Chapter 11 Bankruptcy is a chapter of the United States Bankruptcy Code which allows financial reorganization under federal bankruptcy laws. Both individuals and businesses may file a petition...

There are two elements to a judgment in a foreclosure case. The better known of these is the fact that you lose ownership and possession of your home or other real estate at the conclusion of a...

A corporate bankruptcy bears some similarities to that undertaken by an individual. However, a corporate bankruptcy includes some additional steps and procedures that are not necessary or...

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...

If you are the owner of a S-Corp (also known as aSub-Chapter S corporation) facing significant financial challenges, bankruptcy protection may be the best course of action for your business. An...

As the owner or operator of a business facing financial problems, you have the option to file for Chapter 11 bankruptcy protection. Chapter 11 of the U.S. Bankruptcy Code provides your business...

Most bankruptcies are voluntary, but creditors may want to force a debtor into bankruptcy so the creditor's interests are not ignored by the debtor because some other creditor is pursuing...

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...

Bankruptcy or insolvency as it is known otherwise is basically a legal declaration of the inability to pay off the debts. Precisely a legal option, bankruptcy offers the debtors an option to give...

Finding a good Bankruptcy Lawyer can be a fairly easy task. When you find yourself in the difficult situation as to whether you need to file bankruptcy, it can be an emotionally draining decision...

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...

Starting a bankruptcy is never a fun thing to do. Some people like credit and like to keep credit. However when a bankruptcy must be done some times there is no choice but to start a bankruptcy....

Yes, you can apply for a loan modification while in bankruptcy.

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....

Dissolving a Limited Liability Company (LLC) is actually fairly easy. However, you will not be able to file a bankruptcy for an LLC after you file a dissolution; you may only do so as an...

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...

With today’s economy, you may be experiencing a financial crisis. With a health care system that is causing you to receive an overload of medical bills, you may feel as though you just can’t keep...

Having struggled with trying to manage and deal with your debt you may have reached the juncture at which you need to file for bankruptcy. As a resident of the state of Washington, there are some...

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.

Chapter 11 bankruptcy protection allows an individual or company to reorganize his debts in an attempt to manage his finances. Considered the most flexible of all the bankruptcy protection...

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...

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...