This chapter associated with Bankruptcy Code offers up “liquidation” – the purchase of the debtor’s nonexempt home in addition to circulation associated with the profits to creditors.
Debtors probably know there are a few options to chapter 7 relief. As an example, debtors who’re involved in company, including corporations, partnerships, and single proprietorships, may would like to stay in company and get away from liquidation. Such debtors should think about filing a petition under chapter 11 associated with Bankruptcy Code. Under chapter 11, the debtor may look for a modification of debts, either by reducing the financial obligation or by expanding the full time for payment, or may look for an even more comprehensive reorganization. Continue reading “Chapter 7 – Bankruptcy Fundamentals. Options to Chapter 7”