Washington area bankruptcies for May 20
Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. In a Chapter 7 liquidation, a court trustee sells assets to pay creditors …
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Berkline/BenchCraft Plan Administrator Files Preference Actions
The Bankruptcy Code provides creditors with many defenses to preference actions. Included among these are the "ordinary course of business defense" and the "new value defense." For reader's looking for more information concerning claims and defenses …
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The Different Types of Bankruptcy
U.S. federal law provides for six different types of bankruptcy, of which three are the most common: Chapter 7, Chapter 11, and Chapter 13. Before we discuss the details, I'd like to explain why we use such odd names. In order to do so, I need to …
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