When companies go out of business and the debts surpass the amount of income, only a good corporate bankruptcy lawyer can help it get out of the difficult situation. Like business cases, companies also get two options when it is about filing for bankruptcy.
Corporate Bankruptcy
June 26, 2010 By
Corporate bankruptcy has been a debatable issue, especially the ones that are granted to companies under chapter 7 of the bankruptcy laws. If a corporation is unable to manage their finances and they are in such a bad state that can no more afford to pay off the debts they owe to their various creditors, they may like to file for bankruptcy in order to get the debt relief. They can file either for chapter 11 or for chapter 7 bankruptcy codes. Corporate bankruptcy cases are governed by federal bankruptcy laws.
Chapter 11 Bankruptcy: Understanding The Basics
June 25, 2010 By
Chapter 11 bankruptcy is also known as corporate bankruptcy. When the financial position of corporation gets out of control with no hope for any improvement, they have the option to file court petition for bankruptcy under chapter 11 of the bankruptcy laws.