Corporate Bankruptcy

A corporation files for bankruptcy when it cannot continue operations because of financial issues. Two types of corporate bankruptcy filings exist in the United States--Chapter 7 and Chapter 11. They have some similarities, but their outcomes are substantially different for the company involved. more »

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 file bankruptcy under Chapter 11, which allows companies to continue operating while providing them with protection from creditors' actions.... more »

Believe it or not, bankruptcy is big business. Both debtors and creditors need representation, and these come in a variety of types, primarily individual and corporate. And, unlike some other areas of legal practice, bankruptcy has a high incidence of litigation because a bankruptcy filing is itself a form of litigation. In other... more »

Bankruptcy has evolved a great deal since the earliest American records. There are several options available to debtors, both personal and corporate. With the four types of bankruptcy available, each debtor can find a plan that will work for him. Chapter 7 and Chapter 13 bankruptcies are for personal bankruptcy; something unheard of... more »

The modern world revolves around credit. Being able to get what you want now and pay for it later not only helps consumers, it drives the earnings of corporations and entire economies. Most credit is not backed by any particular asset; it is given to the borrower on an agreement to repay according to certain terms. more »