What Happens If You File Bankruptcy?

What Happens if You File Bankruptcy?

Many of our clients ask us what happens if you file bankruptcy? This is a very important question, and several significant Bankruptcy Code provisions are triggered when filing bankruptcy. Learn more about the automatic stay, bankruptcy estate and the bankruptcy trustee.

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Treatment of Unsecured Creditors In Chapter 11

Bankruptcy in Maryland

An important benefit of a business filing for Chapter 11 bankruptcy is that the Bankruptcy Code pursuant to 11 U.S.C. §507 prioritizes debt into categories and at the bottom are general unsecured claims, which can be paid a small percentage of their claims.

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Chapter 11 Cramdown of Secured Debts

Chapter 11 Bankruptcy

Chapter 11 can provide a lifeline to a debtor that cannot currently afford its secured claim payments as structured under the terms of the loan documents that govern the claim.

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