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Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Chapters. Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: [2] Chapter 1: General Provisions. Chapter 3: Case Administration. Chapter 5: Creditors, the Debtor and the Estate. Chapter 7: Liquidation.
Simply put, Chapter 11 is named for the section of the U.S. bankruptcy code that allows a company to seek protection from creditors while it keeps operating. This way, the company can continue to ...
Title 11 of the United States Code. Harrington v. Purdue Pharma L.P., (Docket No. 23-124), is a United States Supreme Court case regarding Chapter 11 of the Bankruptcy Code. [1] This case is about the settlement by Purdue Pharmaceutical for opioid victims who overdosed with the OxyContin drug produced by their company.
Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re ...
Updated Mon, Nov 6, 2023 · 3 min read. ASSOCIATED PRESS. There has been another twist in the WeWork saga as the office space rental company has filed for bankruptcy protection. Following reports ...
Kodak expects to complete its U.S.-based restructuring during 2013. The Company and its Board of Directors are being advised by Lazard, FTI Consulting Inc. and Sullivan & Cromwell LLP. In addition ...
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