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Delaware Bankruptcy Attorneys.com
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Did You Know?
Filing Chapter 11 is known as reorganization
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation.
Definition:
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
Trustee
Definition:
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
If you live in the following cities and need a Bankruptcy attorney you should contact
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Bear
Camden Wyoming
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Dover Afb
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Selbyville
Smyrna
Townsend
Wilmington
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