Corporate Bankruptcy Explained
Corporate bankruptcy is a process that allows a business to reorganize its debt and assets in order to repay creditors. It can be a complicated and lengthy process, but it can be the best option for a company that is struggling to stay afloat. There are two types of corporate bankruptcy: Chapter 7 and Chapter 11.
Chapter 7 bankruptcy is also known as liquidation bankruptcy. In this type of bankruptcy, the court appoints a trustee who will oversee the sale of the company's assets. The proceeds from the sale are used to pay off the company's debts. Once the debts are paid, the company is dissolved and no longer exists.
Chapter 11 bankruptcy is also known as reorganization bankruptcy. In this type of bankruptcy, the court approves a plan that allows the company to restructure its debt and continue operating.
The Law Offices of Omar Zambrano has helped more then thousands of people and businesses in the past to get out of debt and start over.
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