8.5 TYPES OF BANKRUPTCY AND REQUIREMENTS FOR DISCHARGE Flashcards
1
Q
WHAT ARE THE MAJOR STEPS IN CH 7?
A
SEE SCREENSHOT
2
Q
WHAT ARE THE MAJOR STEPS IN CH 11?
A
*DEBTOR IS SEEKING A RESTRUCTURING OF DEBT WITH THE HOPE OF CONTINUING THE BUSINESS. THE PLAN MUST BE APPROVED BY 2/3 OF ALL THE DEBTORS’ CREDITORS WHO ARE OWED AT LEAST 1/2 OF ALL THE CREDITORS CLAIMS.
