The United States Bankruptcy Code, which organizes types of bankruptcy into different chapters, offers debt relief to both individuals and corporate entities. If you are individual in need of debt relief, the "liquidation" of non-exempt property facilitate by chapter 7 bankruptcy may be the most sensible option. If it is your corporate entity, whether a corporation, partnership, or other entity, rather than yourself as an individual separate from your business, chapter 11 bankruptcy may be the more prudent choice - especially if it is your intention to remain in business following the bankruptcy process. In determining which chapter of bankruptcy is most appropriate and beneficial, whether as in individual or corporate entity, consult with an experienced San Jose bankruptcy attorney.
The number 13 in Chapter 13 bankruptcy may seem like a bad harbinger, but don't be scared off; Chapter 13 bankruptcy is there to help you keep your property while paying off debts over time. Importantly, Chapter 13 is distinct from other types of bankruptcy (all organized into "chapters"). For individuals seeking to liquidate all but non-exempt property and use the proceeds to pay creditors, Chapter 7 is a sensible option. For a business seeking to reorganize and remain in business by crafting a new payment plan and timeline, Chapter 11 may be prudent. The purpose of this article is to explain the basics of Chapter 13 bankruptcy. In choosing the chapter that is right for you, whether as an individual or business, consult with an experienced San Jose bankruptcy law attorney.
The Mercury News reports that Sungevity, an Oakland-based renewable energy company, has filed for Chapter 11 bankruptcy protection. According to the report, Sungevity has laid off several hundred employees and now plans to sell itself off to Northern Pacific Group, a venture capital company firm based in Minnesota. This sale can only go through with approval from a bankruptcy court.
According to reporting from The Mercury News, Titans of Mavericks, LLC, a surfing events and lifestyle brand headquartered in San Mateo County, California, recently filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Central District of California. Court records and reports indicate that the company is attempting to use the bankruptcy process and the Chapter 11 bankruptcy protections to help ensure that its assets and intellectual property are able to be sold off to a new buyer.