Is your business facing major financial turmoil? Are your accumulated debts spiraling out of control? Many large and small organizations turn to bankruptcy for dealing with such situations. However, it must be borne in mind that it is not easy to qualify for bankruptcy and file for one unless you are aware of how the system works....
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Is your business facing major financial turmoil? Are your accumulated debts spiraling out of control? Many large and small organizations turn to bankruptcy for dealing with such situations. However, it must be borne in mind that it is not easy to qualify for bankruptcy and file for one unless you are aware of how the system works....
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Covid-19 Pandemic & Its Impact on Businesses Companies large and small are falling prey to the impact of Covid-19. Market experts are estimating that this year will easily set a record for the number of filing for bankruptcies. Even a semblance of a turnaround is unlikely to change the picture. What about individuals? If individuals face dire financial issues, bankruptcy is an excellent chance to press the rest button. For many senior Americans, bankruptcy does bring much-needed relief from debt brought by various factors including medical expenses and the need to help children. A lawyer specializing in chapter 7 bankruptcy in Maryland says, “Bankruptcy is a...
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Chapter 11 usually makes big news when large companies fall into financial difficulty. It is a form of bankruptcy that involves the restructuring of the debtor company’s business affairs. In a nutshell, Chapter 11 offers the debtor a fresh start. It begins with the filing of a petition in the bankruptcy court. Typically, this version of bankruptcy is voluntary. In such a scenario, the debtor takes the lead and seeks bankruptcy relief. It is also possible that creditors or lenders may group together to file an involuntary petition against the defaulting company. Here is how Chapter 11 operates The court will help the...
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