Bankruptcy is defined as the legal procedure for dealing with debt problems of businesses or individuals. Just like corporations and partnerships which have their rules governing this state of financial affairs, the municipal too has its code in the law governing insolvency. The municipal must file a petition before a case can be heard in court.
Posts Tagged ‘Partnerships’
What Chapter 11 Bankruptcy Law Entails
Wednesday, July 8th, 2009Chapter 11 bankruptcy law is also known as the reorganization code applicable to partnerships and corporations. It allows for businesses to make a plan on how to pay off their debts without having to sell their property. This comes as an opportunity for businesses to keep on operating even when they are in a financial crisis. Partnerships and corporations are eligible to file under this chapter in court.
The Chapter 12 Bankruptcy Discharge
Thursday, July 2nd, 2009Chapter 12, or the family farmers or family fishermen, is a repayment plan for farmers and fishermen with regular incomes. It may not be restricted to farmers and fishermen only since it may also cut across partnerships and corporations. For this last category, one of the partners should be a farmer or fisherman or should have relatives in the field.
Can I Qualify For Chapter 13 Bankruptcy?
Wednesday, June 10th, 2009When most people here the word bankruptcy, Chapter 11 comes to mind. Chapter 11 is for individuals who are running or operating a business, including partnerships, corporations and sole proprietorships.
Chapter 11 Bankruptcy Law
Tuesday, June 9th, 2009Chapter 11 bankruptcy law applies to partnerships and corporations. It calls for the general reorganization of the business to keep it alive in an attempt to pay creditors to the business. This chapter, just like any other, does not work in case the debtor has willingly skipped court proceedings even after being summoned.
