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Difference of chapter 11 and chapter 7?
In chapter 11 bankruptcy, a business (usually) is trying to stay open by modifying its debts and getting rid of some. In a chapter 7 bankruptcy, a business is liquidating itself and usually has to...
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How long after filing chapter 11 can you file chapter 7?
Chapter 11 is virtually always on for CORPORATIONS and is a "reorganization" rather than a liquidation.Chapter 7 dissolves the corporation.C-7 can happen, and frequently is, shortly after C-11...
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What is the difference between Chapter 11 and Chapter 7 bankruptcy?
Chapter 7 is discharge of all debt. Chapter 11 is the business (or rich individual) version of Ch 13 and allows you to reorganize your debt. In either case, you should contact an attorney. Business...
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How do you convert a chapter 7 bankruptcy to a chapter 11?
You file a motion to convert, with copies to the trustee, the US Trustee and creditors. You have to file the appropriate documents for a chapter7 and may have to amend filed documents. Check your...
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Why do chapter 7 bankruptcies out number chapter 11?
Like anything...the #s themselves may not really tell the whole story. I would suggest that in Business, especially larger ones, Chapter 11 far outnumbers the Chapter 7. In fact, trying to avoid the...