1. Business Bankruptcy
Small businesses normally file under three chapters including chapters 7, 11, and 13. Chapter 7 deals with liquidations, Chapter 11 allows for reorganization, and Chapter 13 provides the debtor with individual repayment plans. ... Under Chapter 7, not all property is liquidated. ... The final option for filing bankruptcy is Chapter 13. ... The ability to declare bankruptcy and effectively discharge part of debts owed to creditors has many ethical implications. ...
- Word Count: 1115
- Approx Pages: 4
- Grade Level: Undergraduate