Corporate Bankruptcy Under U.S. Law - Chapter 11 and Chapter 7
Here are the 2 types of corporate bankruptcy under U.S. law.
- Chapter 11 bankruptcy, allows a company to continue to operate as it sheds debts and contracts it can not afford.
- Chapter 7 bankruptcy, the company goes out of business fairly rapidly as its assets are sold off to try to satisfy its creditors.
[ Via CNN Money FAQ ]
Published on 18 Nov 2008 | Economy & Policy
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