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Founded in 1966, it achieved major success in the 1970s and 1980s before declaring Chapter 7 bankruptcy proceeding and closing its remaining 58 locations on July 29, 2008. [1] The first new Steak and Ale restaurant since then opened on July 8, 2024, in Burnsville, Minnesota, with more planned for the Midwest and Texas. [2] [3]
Chapter 7 bankruptcy With Chapter 7 bankruptcy, major assets like secondary vehicles or properties are sold. The proceeds are then used to pay off debts, and most unsecured debt is absolved.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Smith filed for Chapter 7 bankruptcy protection on September 6, 2012. Smith said he began land investments when he was coach at Louisville from 1998 to 2002, and that he and other investors lost money when the real estate market softened .
Advising you on what sort of bankruptcy to opt for (the two main types are Chapter 7 and Chapter 13). Counseling you about what property you might be able to hold on to. Provide input on the tax ...
Filing Chapter 13 immediately after Chapter 7 is also referred to as Chapter 20 bankruptcy. You won’t receive a discharge when filing Chapter 20 since you aren’t waiting the full four years.
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