"Chapter 7 Vs Chapter 11"
There are two types of bankruptcy that businesses can file for- Chapter 7 and Chapter 11. While both have their own advantages and disadvantages, it's important to know which one is right for your business before making a decision. Here's a quick overview of the key differences between Chapter 7 and Chapter 11 bankruptcy:
Chapter 7 bankruptcy is also known as "liquidation" bankruptcy. This is because in order to repay creditors, the court will sell off any assets that the business owns. Once the assets are sold and the debts are paid off, the business will be dissolved. This type of bankruptcy is typically quicker and cheaper than Chapter 11, but it can also be more damaging to the business's reputation.
Chapter 11 bankruptcy, on the other hand, is known as "reorganization" bankruptcy.
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