Chapter 11 Vs Chapter 7
In the business world, there are two primary types of bankruptcy that companies can file for: Chapter 11 and Chapter 7. Both have their own distinct benefits and drawbacks, so it's important to understand the difference between the two before making a decision.
Chapter 11 bankruptcy is typically used by businesses that want to stay in operation but need time to reorganize their finances. This type of bankruptcy offers more flexible terms and allows businesses to negotiate with creditors. However, it can be more expensive and time-consuming than other options.
Chapter 7 bankruptcy, on the other hand, is typically used by businesses that are ready to close their doors. This type of bankruptcy liquidates all assets and pays off creditors with the proceeds. It's a quicker process than Chapter 11, but it doesn't offer the same protection or flexibility.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start so FAST!
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