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For legal information on specific topics relating to business debt and bankruptcy, use the search tool, the Topics A-Z list, or the navigation on the left of each page. Or just click below: Assignments for the Benefit of Creditors Chapter 11 Business Bankruptcy Chapter 12 Bankruptcy Chapter 7 Bankruptcy |
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Corporate bankruptcy is a federal court-sanctioned and supervised procedure for businesses that are unable to manage their business debts. Businesses who suffer from overwhelming debt and are unable to reorganize typically chose Chapter 7 bankruptcy. Businesses that can reorganize and potentially become profitable again choose Chapter 11 bankruptcy. Chapter 12 bankruptcy is reserved for businesses run by family farmers or fishermen. |
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