Sentences with phrase «debt reorganization»
"Debt reorganization" refers to a process where a person or organization that owes money works with their creditors to come up with a new plan to repay the debt. This could involve renegotiating the terms of the loan, extending the repayment period, reducing interest rates or even forgiving a portion of the debt. The aim is to make the debt more manageable for the debtor, allowing them to avoid bankruptcy and eventually pay off what they owe. Full definition
Businesses advertising voluntary debt reorganization plans or «Chapter 13» relief may fail to explain that Chapter 13 debt adjustment actually is a form of bankruptcy.
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Chapter 11 Bankruptcy: This is a business bankruptcy debt reorganization.
Refinancing and restructuring are very different debt reorganization processes to avoid bankruptcy.
Chapter 12 Bankruptcy: This is a farmers or commercial fishermen debt reorganization bankruptcy.
They do this through debt reorganization.
Chapter 13 bankruptcy, also known as debt reorganization, is the second most common type of bankruptcy for consumers.
Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that's involved, or help you through what can be a long and complex process.
Chapter 13 Bankruptcy: This is a debt reorganization.
Being that chapter 13 is a debt reorganization plan the clear disadvantage is the time frame to pay off your debt and rebuild again without court permission.
Such businesses may offer debt consolidation loans, debt counseling, or debt reorganization plans that are «guaranteed» to stop creditors» collection efforts.
Technically, yes, you can file for bankruptcy regardless of how little debt you owe, as there is not a legal minimum debt requirement in the bankruptcy law for either a Chapter 7 (i.e., debt liquidation) or Chapter 13 (i.e., debt reorganization) bankruptcy.
Yet even if the company attracts a buyer and emerges from its debt reorganization plan with a fresh start, it will still face daunting industry problems, Kniffen says.