By Glenn A. Brown, DMD, MBA on March 7, 2010
What is the difference between a Chapter 7 and Chapter 11 bankruptcy?
Businesses usually have a couple of choices when filing bankruptcy. Chapter 7 bankruptcy is reserved for those companies that are struggling so badly that they cannot remain in business. The business is usually liquidated, then all assets left over are distributed between shareholders and [...]
Posted in Articles, Bankruptcy, Business Bankruptcy, Excerpts, FAQ | Tagged bankruptcy discharge, Business Bankruptcy, chapter 11, Chapter 7 bankruptcy, FAQ
By Glenn A. Brown, DMD, MBA on September 18, 2009
Your corporation is considered a separate entity. Therefore, if you file personal bankruptcy it will not affect your corporation as a whole. However, if your personal shares of the corporation are considered your personal assets, those shares could be liquidated as part of your assets, and the proceeds from the sale would be used to [...]
Posted in Bankruptcy, FAQ | Tagged Business Bankruptcy, corporation, debt reorganization, personal bankruptcy
By Glenn A. Brown, DMD, MBA on February 23, 2009
If you’re considering declaring bankruptcy, we realize this is not an easy decision for you to make. However, you are not alone in making that decision. If you’re like many other business owners (small and large), staying on top of your business debts and keeping your doors open has proven to be a struggle in this [...]
Posted in Articles, Business Bankruptcy | Tagged Business Bankruptcy, chapter 11, chapter 7, financial trouble