Tag Archives: creditors
The Critical Role of Disclosure Statements in Chapter 11
A type of bankruptcy often used by businesses and individuals with large debt burdens is Chapter 11, in which the debtor retains control of its assets and operations while it works to return to financial solvency. The debtor must make regular payments for the benefit of creditors in accordance with a debt reorganization plan approved […]
What Can Delay Completion of a Chapter 11 Bankruptcy?
Chapter 11 bankruptcy allows a financially struggling business to get back on its feet by reorganizing its debts. But there is no definitive timeline for the Chapter 11 process. Depending on numerous factors, winding up a reorganization plan can take anywhere from six months to five years or even longer. There are multiple procedural stages […]
What Can Your Creditors Take if You File for Bankruptcy?
For those in financial distress, bankruptcy provides a means of eliminating overwhelming debt and starting fresh. One question people considering bankruptcy protection often ask is: will I lose all my possessions? The short answer is no. There are limits to what creditors can take, since certain property may be declared exempt from their claims. There […]
