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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]
Strack & Van Til is a grocery store chain with locations in Northwest Indiana.Stores operate under the banners of Strack & Van Til and Town & Country Food Market. On May 2, 2017, an involuntary petition under Chapter 7 of the US Bankruptcy Code was filed against Central Grocers, Inc, parent company of SVT, LLC. in the US Bankruptcy Court for the Northern District of Illinois.
At the time of the filing, Marsh operated a total of 60 stores, 54 in Indiana and six in Ohio, with 16 of those stores scheduled to closed by the end of May. On June 15, 2017, Marsh converted its Chapter 11 bankruptcy to Chapter 7, with plans to close all 18 stores by July 8. [1]
Both Chapter 7 and Chapter 13 will bring your credit score down significantly. If you start out with a credit score of 700 or higher, point losses of 200 or more are not uncommon with a bankruptcy.
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt. Exactly ...
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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