Bankruptcy relief is a legal tool that can be used to help both businesses and individuals who are struggling with debt. A primary purpose of any bankruptcy is to give the honest debtor a “fresh start” through a discharge of its debt. There are several different types of bankruptcy options, each with its own set of rules and procedures, and each with its own processes and nuances. The types of bankruptcy are referred to by the “chapter” of the Bankruptcy Code by which it is governed.
In her article that was featured in the October 2023 issue of AIST (Iron & Steel Technology) Magazine, Maribeth Thomas breaks down the two bankruptcy chapters that are most commonly utilized by businesses facing financial difficulties: a Chapter 11 reorganization and a Chapter 7 liquidation. She also examines possible alternatives to bankruptcy, the pros and cons of bankruptcy and restructuring, and the role of lawyers and accountants in bankruptcy and restructuring. Click here to learn more and read the full article.
October 25, 2023
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