Chapter 7 bankruptcy, which gets rid of most debts, allows for an automatic stay.
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Gibson filed for Chapter 7 bankruptcy protection, and Eastern filed for Chapter 11 in early December.
The corporations in that list who are going through a Chapter 7 bankruptcy are being liquidated.
The company filed for Chapter 7 bankruptcy protection in early 2009, weeks after the outbreak began.
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Most importantly, Disabled Man does not want to do a chapter 7 bankruptcy.
The company, 38 Studios, filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the District of Delaware on Thursday.
Builder then sued both Owner and the SMLLC in Maryland state court for money owed, and the SMLLC filed for Chapter 7 bankruptcy.
In considering filing a chapter 7 bankruptcy case, consumer debtors should proceed cautiously, and only upon the advice of competent, fully informed counsel.
He could do a chapter 7 bankruptcy to discharge the guaranties.
The law applied a "means test" to determine whether a person qualifies for Chapter 7 bankruptcy, which erases debts, or Chapter 13, which establishes a payment system.
To qualify for immediate discharge in a chapter 7 bankruptcy case, the taxpayer must prove that he is unable to make periodic payments on his debts in a chapter 13 bankruptcy case.
To be wiped out in a Chapter 7 bankruptcy, federal tax liabilities must relate to a return due at least three years and filed at least two years before the bankruptcy filing.
At the Deutsche Bank Aviation and Transportation Conference held recently, American Airlines denied seeking bankruptcy liquidation (Chapter 7) but did not rule out the possibility of seeking bankruptcy protection (Chapter 11) to reorganize its labor agreements that put it at a marked disadvantage to airline industry peers such as Delta Air Lines, Southwest Airlines, US Airways and United Continental.
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On May 7, 2003 the bankruptcy was converted to Chapter 7.
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Moreover, many an entrepreneur has filed for a Chapter 7 "fresh start" personal bankruptcy after personally guaranteeing loans for a can't-miss venture that did.
In fact, consumers who end up in bankruptcy work with the Chapter 7 that works for them, hopefully based on discussions with a qualified attorney.
The new bill will make it harder for individuals to declare Chapter 7, the most common form of bankruptcy, which allows debtors to walk away from their debts, often while shielding exempt assets like cars and homes.
As Nortel was in bankruptcy (proper bankruptcy, equivalent to US Chapter 7 such) there was no possibility of using any previous tax losses in the same way.
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