Fundera

OCTOBER 2, 2017

Let’s review the different types of bankruptcy, and what happens when your business has to file Chapter 11. Small businesses have three basic options for filing for bankruptcy: Chapter 7, Chapter 13, and Chapter 11. Read more about small businesses filing Chapter 7.

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Your Virtual Credit Manager

AUGUST 1, 2023

Confirm that the bankruptcy has actually been filed with the bankruptcy court, and which type (usually Chapter 7 liquidation, Chapter 11 reorganization, or Chapter 13 if an individual is operating as a sole proprietor). We recommend you file one anyway because sometimes assets are found.

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Your Virtual Credit Manager

OCTOBER 15, 2024

(Photo by Melinda Gimpel on Unsplash ) The American Bankruptcy Institute recently reported that, “The 6,067 total commercial chapter 11 bankruptcies filed during the first nine months of 2024 represented a 36 percent increase over the 4,561 filed during the same period in 2023.”

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Fundera

SEPTEMBER 20, 2018

Business owners can file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy, depending on the business’s debt levels and financial situation. A Chapter 7 filing typically ends in the liquidation of the business, with the assets distributed among creditors. Chapter 7 Bankruptcy (Liquidation).

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Fundera

OCTOBER 20, 2018

Businesses can file for Chapter 7, Chapter 13, or Chapter 11 bankruptcy. Chapter 7 bankruptcy, also called a liquidation bankruptcy, is the most common type of bankruptcy. This is the chapter you file when your business can no longer afford to pay back debts. Chapter 11 is only for businesses.

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Lendio

MAY 9, 2024

Type Description Chapter 7 Known as “liquidation bankruptcy.” Chapter 11 Aimed at businesses, allowing them to remain operational while reorganizing debts. Chapter 13 An individual’s debt is reorganized into a payment plan over three to five years.

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Your Virtual Credit Manager

AUGUST 11, 2024

Chapter 11 filings, used by businesses hoping to reorganize, have increased by 34 percent in the first six months of 2024 compared to last year. Chapter 7 commercial liquidation filings are up 28 percent and sub-chapter V small business elections are up a staggering 61 percent despite the filing threshold recently being cut in half.

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