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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 Chap. 7, which generally means a complete dissolution of the enterprise, many companys have first tried Chap. 11, several times. Chapt. 07 in a small or personal situation is the one that eliminates debts for sure. In filing it, one agrees there is really no hope of working out the problems, making changes in habits, etc., that are realistic and would eventually satisfy the debtors, even if some agree to receive substantially less than they would. While Chap. 11 process may also bring relief to the debtor for some portion of debts, or at least modify how they have to be paid, and holds the wolf at bay (if you will), while it operates, it really doesn't offer the fresh start that many (probably foolishly) feel Chap 07 does. And realistically, many people who are contemplating these actions really don't have a whole lot they want to try and save that the Laws don't protect in the Chap 7 process. Getting rid of the debt may well be just easier than making a budget and sacraficing a bit to pay off those they borrowed from, and have self respect, and maybe even credit, for the future. Of course, frequently the lack of forsight and self respect are the same foolish ideas that made them get in way over their heads anyway.
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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 shut down as a result.
How many verses are in the book of Nehemiah?
In the King James version The number of verses in the Book of Nehemiah are as follows Chapter 1 - 11 Chapter 2 - 20 Chapter 3 - 32 Chapter 4 - 23 Chapter 5 - 19 Chapter 6 - 19 Chapter 7 - 73 Chapter 8 - 18 Chapter 9 - 38 Chapter 10 - 39 Chapter 11 - 36 Chapter 12 - 47 Chapter 13 - 31 Total - 406
Is 11 a prime number a triangular number or a multiple of 7?
11 is a prime number.
What is 8 7 as a mixed number?
8/7 as a mixed number = 11/7
What is 81 11 as a mixed number?
7 and 4/11
What are the Chapter 13 laws about generally speaking?
Chapter 13 laws are the laws that govern bankruptcies. These are different than Chapter 7 bankruptcies because these have a repayment plan by which you repay your creditors.
When does chapter 13 come off credit?
Bankruptcies (both Chapter 7 and Chapter 13) remain on your credit report for 10 years.
Can you file chapter 7 before chapter 13 is discharged?
No, you can't have two separate bankruptcies at once. If you are under a chapter 13, and are no longer able to make your plan payments, then you can convert your case from a 13 to a 7.
What is the ratio of Chapter 7 to Chapter 11 filings for businesses?
what is the ratio of chapter 7 to chapter 11 filings for businesses?
How do you calculate exactly when a Chapter 7 bankruptcy will be removed from a credit report?
If you filed March 11, 1997 it will stay on reports for 10 years so it should come off march 12, 2007. Chapter 7 bankruptcies stay on report for 10 years. Chapter 13 stay for 7 years on experian and transunion. On equifax they stay for 10 years!
Can you include court ordered criminal restitution in chapter 7 bankruptcies?
No. Penalties are not able to be discharged - although you must list them.
When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
What difference between ch 7 and ch 13 bankruptcies?
Chapter 7 is a complete discharge of all dischargeable debts. Chapter 13 is a repayment plan of the debts under the bankruptcy court's supervision and protection.
In chapter 7 bankruptcies is closed without discharge the same ad being dismissed?
No. Dismissed is essentially incomplete - no resolution...discharged is completed and closed.
What age are the children in chapter 7?
7 & 11.
What is the difference between chapter 11 vs chapter 7 bankruptcy?
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
