It does not apply to companies that are regulated by other statutes, such as banks, savings and loan associations, unions, insurance companies, and brokerage firms.
No.
File a proof of claim
It is possible for the married couple to file a chapter 13 or in some instances a chapter 11.
no
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Pacific Gas and Electric filed for Chapter 11 bankruptcy in April 2001
Some strict limitations have been set by the new bankruptcy law. Debtors will not be able to file Chapter 7 bankruptcy if they've been through a Chapter 7 within eight years of the new filing. If they want to file for Chapter 13, they will not receive a discharge within two years of a previous Chapter 13 discharge and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.
The Borders book store filed for Chapter 11 bankruptcy in February of 2011. Borders decided to close 30% of it's Brick-and-Mortar stores after filing for bankruptcy.
Chapter 11 applies to individuals, partnerships, corporations, unincorporated associations, and railroads, although corporations are almost always the petitioners.
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Bankruptcy is not part of financial planning. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
If it is a corporation, it can. Like all corporations, it cannot receive a discharge under Chapter 7. Most bankruptcy lawyers, if the corporation will not benefit from a Chapter 11, would probably not recommend bankruptcy for the corporation, but the organization should discuss this with an experienced local bankruptcy attorney.