Bankruptcy And Restructuring Law

• Category: Corporations - Due Diligence
• State: Multi-State
• Control #: US-DD0504A
• Format: Word; PDF; Rich Text

Description

This form is a due diligence memorandum listing the documents that are reviewed in connection with a corporations bankruptcy and related issues regarding its restructuring.

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FAQ

What are the three types of bankruptcies?

With that in mind, below are details about three main bankruptcy types.Chapter 7 Bankruptcy. Chapter 7 is also referred to as a liquidation bankruptcy because it calls for most of the debtor's assets to be sold to pay creditors.Chapter 13 Bankruptcy.Chapter 11 Bankruptcy.

What are the types of restructuring?

Types of restructuringLegal restructuring.Turnaround restructuring.Cost restructuring.Repositioning restructuring.Spin-off restructuring.Divestment.Mergers and acquisitions.Maintain transparency throughout the process.More items...?

What are the steps of filing for bankruptcy?

How the Bankruptcy Process WorksStep 1: Find a Good Attorney.Step 2: Conduct a Bankruptcy Counseling Session.Step 3: Filing for Bankruptcy With the Court.Step 4: Liquidation or Repayment.Step 5: Complete a Debtor Education Course.Step 6: Debt Discharge.

What can you not do after filing bankruptcies?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt.

Is bankruptcy a form of restructuring?

Key TakeawaysA Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations. If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors. If the debtor does not suggest a program, the creditors may propose one instead.

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Interesting Questions

What is bankruptcy law?

Bankruptcy law is a set of laws that provide relief to individuals and companies who are unable to repay their debts. It helps them either eliminate or repay their debts under the protection and supervision of the court.

What are the main types of bankruptcy?

The two main types of bankruptcy are Chapter 7 and Chapter 11. Chapter 7 is for individuals and businesses with limited assets, aiming to discharge most debts. Chapter 11 is for businesses and allows them to reorganize and continue their operations while repaying creditors.

How does bankruptcy affect an individual's credit?

Bankruptcy has a significant negative impact on an individual's credit. It remains on their credit report for several years, making it challenging to obtain new credit or loans. However, with time and responsible financial management, credit can be rebuilt.

Can bankruptcy stop creditor harassment?

Yes, filing for bankruptcy triggers an automatic stay which prohibits most creditors from continuing collection activities, including harassing phone calls, lawsuits, wage garnishments, or repossessions. It provides individuals or businesses with some relief and breathing space.

Are all debts dischargeable in bankruptcy?

No, not all debts can be discharged in bankruptcy. Certain debts, such as child support, alimony, most taxes, student loans, and debts resulting from fraud, are typically non-dischargeable. It's best to consult with a bankruptcy attorney to understand which debts can be discharged.

What is the role of a bankruptcy attorney?

A bankruptcy attorney provides legal guidance and representation throughout the bankruptcy process. They assist individuals or businesses in filing the necessary paperwork, negotiating with creditors, and ensuring their rights are protected during the proceedings.

What is the purpose of restructuring under bankruptcy law?

The purpose of restructuring in bankruptcy law is to help financially distressed businesses reorganize their operations, reduce debts, and improve their financial viability. It allows them to create a plan to repay creditors over time while giving them a chance to survive and thrive.

Can a business continue operating during bankruptcy?

Yes, under Chapter 11 bankruptcy, businesses can continue operating while they restructure their debts and operations. The business is granted protection from creditors and can develop a plan to repay debts, renegotiate contracts, and make necessary changes to become profitable again.

How long does a bankruptcy case typically take?

The duration of a bankruptcy case depends on several factors, including the type of bankruptcy, complexity of the case, and court caseload. Generally, Chapter 7 cases may be resolved within a few months, while Chapter 11 cases can take several months to several years to complete.

Should I hire a bankruptcy attorney?

While individuals are not required to hire a bankruptcy attorney, it is highly recommended. Bankruptcy laws are complex, and an attorney can provide valuable expertise, ensure all necessary paperwork is filed correctly, and help navigate the legal procedures to achieve the best possible outcome.

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