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Q: If a UK-registered company would like to buy restructure and then sell off a US-registered company which recently went into chapter 11 bankruptcy what legal consideration should it consider?
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Why would one need to file Chapter 12 Bankruptcy?

There are a number of reasons why one would need to file for bankruptcy. However Chapter 12 bankruptcy is one of the less common forms. The main reasons for this type of bankruptcy are for family fishermen or family farmers to restructure their finances.


What is the bankruptcy law in South Africa?

Bankruptcy is a legal proceeding whereby an individual or a business can declare an inability to pay back debts. Bankruptcy allows individuals or businesses to either restructure their debt and pays it back within a payment plan , or have most of their debts absolved completely.


Is Home interiors bankrupt?

They are in the middle of Chapter 11 bankruptcy while they restructure. See http://www.homeinteriors.com/corporate-content/pdfs/HIG_PressRelease_042908.pdf


Are Erickson Communities going bankrupt?

Erickson has not filed for bankruptcy. The company is examining new potential sources of capital and working with its creditors to restructure its debt.


What does chapter 11 bankrupty mean?

Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor's business affairs and assets. It is generally filed by corporations which require time to restructure their debts.


Do creditors get money from settlement if no claim was filed during bankruptcy?

They would legitimately be entitled to be a party to the settlement but would need to apply to the bankruptcy administrator for consideration in this instance.


What is the difference between chapter 11 chapter 13 and chapter7?

Chapter 7 bankruptcy is the most popular and common type of personal bankruptcy.Chapter 13 bankruptcy is the king for protection of real estate and other secured property.Chapter 11 is mostly used by the business who needs to restructure the debts.


Is Six Flags going to close due to Bankruptcy?

No, Six Flags filed for Chapter 11 bankruptcy rather than Chapter 7. Chapter 11 bankruptcy is filed so that a company can restructure it's debt, eliminating much of it, and come out a stronger company. They may close some under performing parks or sell them to another corporation but the parks should remain open in the meantime.


Sufficiency of consideration?

Sufficiency of consideration is a rule that applies to businesses who file Chapter 11 bankruptcy. Under this rule, all parties involved must offer something with legal value to the table.


What would allow a debtor to repossess a car while in a stay under a bankruptcy?

Depends how the bankruptcy was set up and whether the car was listed. There should be some consideration in that case as to whether you can make the payments, or not.


Can you file bankruptcy if you have someone else who was an authorized cardholder?

It makes no difference. The charges they make are YOUR debts. They (the person) are not a consideration in your BK


How are chapter 7 and chapter 13 bankruptcy similar?

Both are for consumers, as opposed to businesses, but Chapter 7 absolves all debts, whereas debtors in Chapter 13 restructure their debts on 3-5 year plans.


Who qualify for bankruptcy?

There were substantial changes made to qualifications for bankruptcy in 2005. To qualify for bankruptcy you must meet a number of different requirements which vary greatly depending on the type of bankruptcy the individual or corporation is attempting to file for. Factors that are taken into consideration include current occupation and salary, monetary amount of debt, property owned, etc. The attached article lists for specifics per type of bankruptcy.


What does it mean when you receive a notice stating that your foreclosure is in the hands of the sheriff's office?

That mean pack your stuff or hurry up and file bankruptcy which wil start the whole process over again, and give you Tim e to pay or restructure your loan


Can a New Jersey lawyer practice in the bankruptcy courts of California?

Bankruptcy Courts are FEDERAL. You must be allowed to practice in a particular District by the Court, meaning you know the conventions and customs of the area more than anything. State is not a consideration.


Can a consumer file Chapter 11?

Yes, Chapter 11 bankruptcy is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. You need to keep in mind that the rate of successful reorganizations is very low.


Can you file a chapter 11?

Yes, provided you meet the qualifications. Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. Chapter 11 bankruptcy is a type of reorganization bankruptcy, like Chapter 13. Chapter 11 is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. The rate of successful reorganizations is very low.


Is Six Flags going to close down?

It is not closing. Six Flags filed for Chapter 11 bankruptcy rather than Chapter 7. Chapter 11 bankruptcy is filed so that a company can restructure it's debt, eliminating much of it, and come out a stronger company. They may close some under performing parks or sell them to another corporation but the parks should remain open in the meantime.


Can you get government job after bankruptcy?

Maybe.It also depends on a lot of other factors, but if you would have been able to get that same job before you'd filed for bankruptcy and there would not have been any other factors preventing you from getting the job, then you should be able to...also depending on the reason bankruptcy was filed in the first place. All those factors are taken into consideration.


What are the different types of bankruptcy?

There are five different types of bankruptcy including individual bankruptcy for liquidation or debt, farming bankruptcy, municipal bankruptcy, and corporation bankruptcy.


Is Six Flags in St. Louis really going out business?

No, Six Flags filed for Chapter 11 bankruptcy rather than Chapter 7. Chapter 11 bankruptcy is filed so that a company can restructure it's debt, eliminating much of it, and come out a stronger company. They may close some under performing parks or sell them to another corporation but the parks should remain open in the meantime.


Why did Pontiac Discontinue?

When General Motors took the bailout under TARP, they had to restructure and streamline their operation in order to be granted the government bailout. Likewise, Hummer was eliminated and Saab was sold under the bailout restructuring. Long and short, it was just a brand that GM determined was expendable at a time when they were facing bankruptcy.


Can you file for divorce before your chapter 7 bankruptcy is discharged?

Yes although that will be a factor for consideration when the court looks at your bankruptcy application. And keep in mind that filing for chapter 7 as an individual will only help with your individual, not collective debts. By that I mean you will still be responsible for those joint debts you have with your spouse.


How do you know what type of bankruptcy you should file?

The best way to find out would be to sit down with a bankruptcy lawyer who would be able to advise you of the different types and whether bankruptcy is the right option for you. Generally speaking, Chapter 7 bankruptcy (straight bankruptcy) is liquidated bankruptcy whereas Chapter 13 bankruptcy (repayment plan bankruptcy) is reorganization bankruptcy


Is there anyway to purchase a new home while still in chapter 13 bankruptcy?

When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.