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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]
In February 2009, Rocketplane vacated its Oklahoma City headquarters building. According to Oklahoma State Representative David Dank, Rocketplane no longer has any presence in the state, but they left with no debt owing to Oklahoma. Rocketplane filed for Chapter 7 bankruptcy and liquidation in July 2010. [4]
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.
According to Oklahoma State Representative David Dank, Rocketplane no longer has any presence in the state, but Rocketplane has paid all of its taxes and has no outstanding debts which is remarkable for a company to accomplish this while going bankrupt. Rocketplane filed for Chapter 7 bankruptcy and liquidation in July 2010. [4]
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
Companies that filed for Chapter 7 bankruptcy in 2024 (17 P) This page was last edited on 14 May 2023, at 22:28 (UTC). Text is ...
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