Chapter 11 Bankruptcy: Businesses and Individuals

Chapter 11 bankruptcy is a reorganization. More businesses than individuals file for Chapter 11; it is an orderly process that allows the debtor time and space to reorganize its financial affairs and repay its creditors some or all of the debt owed. It is a vehicle through which debtors can reject or cancel certain leases, [...]

Chapter 7 Bankruptcy: Businesses & Individuals

The word”bankruptcy” is heard everywhere, from coffee shops to church bazaars and the evening news. It’s clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13. Chapter 7 is a liquidating bankruptcy.  It is normally utilized to [...]

Small Business Bankruptcy Basics

My friend and fellow bankruptcy attorney Susanne Robicsek and I recently spoke to a group of local small business owners gathered at Central Piedmont Community College in Charlotte, North Carolina. In this tough economy business owners are wise to acquaint themselves with the legal options they may need to employ if their companies hit the [...]