Clothing store Joyce Leslie is headed into bankruptcy, and the chain is preparing to sell assets as part of the agreement, using the capital that is generated to pay down a portion of the debt.
If you choose to file for Chapter 7 bankruptcy in New York, the biggest advantage you're probably interested in is also the most basic one: eliminating an overwhelming amount of debt. While it's true that Chapter 7 can help to do this, you also want to know about some of the smaller advantages of this specific type of bankruptcy. Below are a few examples.
When you think of Chapter 11 bankruptcy, do you imagine huge, international corporations using it? While giant companies can use it, the popular idea that it is most often used by these big corporations is actually false. Most of the Chapter 11 filings that are put in every year come from small businesses.