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Simplified Business Bankruptcy: Chapter 7 vs. Chapter 11 – Know the Key Differences

Demystifying Business Bankruptcy: Chapter 7 vs. Chapter 11 – Know the Key Differences

If your business is in financial distress, a bankruptcy could be a helpful tool to manage debt and reorganize operations. There are two common bankruptcy options for businesses: Chapter 7 and Chapter 11. Each chapter serves a distinct purpose and comes with its own set of rules and outcomes. This article will address the key differences between Chapter 7 and Chapter 11 bankruptcy, helping businesses understand which option may be more suitable for their financial situation.

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Bankruptcy: Get organized

In the upcoming months, we will take a look at our financial situations and make difficult decisions about whether or not to file bankruptcy. Before you pick up the phone to schedule a consultation with a bankruptcy attorney, get organized. Use this helpful cheat sheet to get together the documents you will need.

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