What are the different types of bankruptcy for an individual? The most common bankruptcy filing categories are Chapter 7, a liquidation bankruptcy, and Chapter 13, a reorganization bankruptcy. In a Chapter 7 liquidation bankruptcy, the debtor must turn over certain property to the bankruptcy trustee. The property will be sold and the proceeds will distributed [...]
G.I. Joe’s Holding Corporation, its Official Committee of Unsecured Creditors, and its Prepetition (pre-bankruptcy) Term Loan B Secured Creditors have filed a joint response and objection to the United States Trustee’s request to convert G.I. Joe’s chapter 11 cases to chapter 7 liquidations (for details on the U.S. Trustee’s motion, please see an earlier post [...]