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DID YOU KNOW?
1,782,643 bankruptcies were filed in 2004.
 
This is the highest number of bankruptcies ever filed and is attributed to the rush to beat the new tougher bankruptcy laws that went into effect on October 17, 2005.

Chapter 11 Bankruptcy - Contact a Lawyer

Chapter 11 Bankruptcy : What is it?

Chapter 11 bankruptcy allows a business to reorganize and refinance to be able to prevent final insolvency. Often there is no trustee, but a "debtor in possession," and considerable time to present a plan of reorganization. Sometimes this works, but often it is just a bottomless pit of more debt and delay. The final plan often requires creditors to take only a small percentage of the debts due (what is owed them) or to take payment over a long period of time.

 

 

 

 

 

 

 

 

 

 

 

 

 

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