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What Is Chapter 11 Bankruptcy?
Businesses the world over have been facing severe financial challenges in recent years. The consequence has been unemployment for many people as companies struggle to remain competitive as costs rise and access to working capital dries up.
The Means Test For Chapter 7
The two most popular chapters for filing for bankruptcy in the US are chapters 7 and 13. Of the two, chapter 7 is probably the most popular, as it allows a completely fresh start financially, coming out of the proceedings with no debt, as opposed to chapter 13, which makes an individual repay their debts over time, by means of a repayment schedule, the terms of which can be harsh.
Bankruptcy – Chapter 7 Alternatives
A state of bankruptcy exists when a business or individual can no longer afford to pay their debts and or employees.
How To Claim Bankruptcy Post 2005
One should always first consider alternatives to bankruptcy.
Credit counselling is now compulsory under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, and must be taken within 180 days of filing bankruptcy.
Chapter Seven Bankruptcy Laws Post 2005
There are different reasons for filing under chapter 7 bankruptcy laws, with both plus and minus points.