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If your small business is struggling to pay its debts and your creditors are threatening to take your assets, bankruptcy is an option. Although bankruptcy sounds like the end, it actually can be a ...
A type of bankruptcy protection filing that made it easier for small businesses to seek relief has expired, which will complicate filing for small businesses with more than $3 million in debt. The ...
Small business bankruptcies are on the rise, seeing a nearly 30 percent rise in Chapter 11 bankruptcy — which allows the company to reorganize its debts and restructure the company — filings ...
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
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]
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