8.5 TYPES OF BANKRUPTCY AND REQUIREMENTS FOR DISCHARGE

Question 1

WHAT ARE THE MAJOR STEPS IN CH 7?

Answer 1

SEE SCREENSHOT

Question 2

WHAT ARE THE MAJOR STEPS IN CH 11?

Answer 2

*DEBTOR IS SEEKING A RESTRUCTURING OF DEBT WITH THE HOPE OF CONTINUING THE BUSINESS. THE PLAN MUST BE APPROVED BY 2/3 OF ALL THE DEBTORS’ CREDITORS WHO ARE OWED AT LEAST 1/2 OF ALL THE CREDITORS CLAIMS.