Just Exactly How Will Bankruptcy Affect My Business? October 1, 2020
Posted by ambubhai in : South Dakota Payday Loan , add a commentJust just How bankruptcy impacts business is dependent upon the kind of bankruptcy filed.
Chapter 11
Organizations classified as corporations, partnerships, or LLCs can file Chapter 11 bankruptcy. Chapter 11 enables debt restructuring, as the company remains available. Like in Chapter 7 and Chapter 13, a stay that is automatic just as the bankruptcy period starts. In a stay that is automatic creditors cannot attempt to collect cash or any other assets away from you.
During this time period, you use your attorney to restructure your financial situation and develop a strategy to get the company straight back on course. (more…)
