Most people believe that if you file bankruptcy your credit will be ruined. While it is true that filing a bankruptcy case will affect your credit, it does not mean that you cannot re-establish credit after your bankruptcy case is over. Most people who file bankruptcy have already taken a hit on their credit [...]
Chapter 11 usually makes it to the news when large corporations fall into financial distress and need bankruptcy relief. Corporations that have filed Chapter 11 include General Motors, United Airlines, Lehman Brothers, and K-Mart. Most Chapter 11 cases, however, never hit the news. In 2010, for example, close to 14,000 Chapter 11 cases were filed [...]
For a small business in financial distress, bankruptcy may be the only viable option. There are two restructuring options under bankruptcy law for debtors who want to try to stay in business: Chapter 11 and Chapter 13. For a "straight" or "liquidation" bankruptcy: Chapter 7. General Overview To some extent, Chapters 11 and [...]
