So will it be Chapter 7 or 11 ?
4 replies (most recent on top)
AiP clearly filed for chapter 7.
The only thing they can do is transfer assets to another company and that co will us the resources as they please.
Ask the Answer Guy.
Depending on the type, or "chapter," of bankruptcy, debts are treated differently. In Chapter 11 bankruptcy, debts are restructured in a way that debt repayment becomes more achievable. In Chapter 7 bankruptcy, which is the most common form of bankruptcy, many debts are forgiven, and a variety of personal assets are sold — liquidated — to repay as many remaining debts as possible. In general, Chapter 11 bankruptcy is utilized by corporations and other business owners, while Chapter 7 bankruptcy is favored by individuals.
OP's question answered:
So it'll most likely be Chapter 11 rather than Chapter 7 because DCEH's personal assets in the form of unmitigated constant bull sh-- have already been grossly depleted and no longer available to repay remaining debts.
I hear BR is banking on dept of Ed to save his buns.
It's been chapter 7 for a year