Bankruptcy - Personal and Corporate

Generally, a debtor's major interests in a chapter 7 case are to retain exempt property and obtain a discharge that covers as many debts as possible. A discharge releases the debtor from personal liability for discharged debts and prevents the creditors owed those debts from taking any action against the debtor....

Chapter 13 Bankruptcy, also called Reorganization Bankruptcy, enables financially distressed individual debtors to propose and carry out a repayment plan that will allow them to pay back creditors over an extended period of time...

When a company files for bankruptcy under Chapter 7, the company ceases all operations and shuts itself down. Unlike Chapter 11 Bankruptcy, no reorganization plan is...

Chapter 11 of the bankruptcy code is a "reorganization" and is primarily for businesses (small or large) such as corporations and partnerships, OR for individuals with large debts and assets who do not meet the strict asset/debt limitations of Chapter 13. Chapter 11 offers greater flexibility...