For Nevada businesses struggling to survive during the coronavirus pandemic, bankruptcy may end up being the only way out. While overall filings nationally were up 20 percent last year, according to bankruptcy court records, the number of businesses in the state that filed Chapter 11 bankruptcy, which involves reorganizing and remaining in operation, have remained relatively … [Read more...] about Business Survival VS. Pandemic Destruction
Chapter 11 bankruptcy
Chapter 11 for Individuals: Three Key Differences from Business Reorganizations
Chapter 11 is primarily a vehicle for businesses to reorganize, but can also be utilized by individuals (i) who have debts that exceed the limits for “wage earner” repayment plans under Chapter 13; and/or (ii) earn too much to be eligible for a Chapter 7 liquidation. For example, Chapter 13 is only available to debtors with less than $383,175 in unsecured debt (debts that are … [Read more...] about Chapter 11 for Individuals: Three Key Differences from Business Reorganizations
Pointers on Selecting a Chapter 11 Bankruptcy Counsel
As a business owner you undoubtedly will be involved in one aspect or another of a Chapter 11 bankruptcy case. Representation by a competent bankruptcy professional is imperative to protecting your interests because the practice is fast-paced and requires intimate knowledge of a specific and complicated federal statutory scheme (the Bankruptcy Code), as well as of the local … [Read more...] about Pointers on Selecting a Chapter 11 Bankruptcy Counsel