what is the main difference between chapters 7 and 11 course hero

What is the main difference between chapters 7 and 11?

The main difference between Chapter 7 and Chapter 11 bankruptcy is that under a Chapter 7 bankruptcy filing, the debtor's assets are sold off to pay the lenders (creditors) whereas in Chapter 11, the debtor negotiates with creditors to alter the terms of the loan without having to liquidate (sell off) assets.

What is the difference between Chapter 7 Chapter 11 and Chapter 13?

But when it comes to Chapter 11 vs. Chapter 13, the biggest difference is that Chapter 13 allows someone with regular income to make an adjustment to how they pay back some debts. Chapter 13 may be an option for individuals who fail the means test for Chapter 7.Jun 2, 2021

What is this Chapter 11 all about?

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.

Who gets paid first in Chapter 11?

Secured creditors, like banks, typically get paid first in a Chapter 11 bankruptcy, followed by unsecured creditors, like bondholders and suppliers of goods and services. Stockholders are typically last in line to get paid. Not all creditors get repaid in full under a Chapter 11 bankruptcy.Jul 9, 2016

Which is better Chapter 11 or Chapter 13?

Chapter 11 bankruptcy works well for businesses and individuals whose debt exceeds the Chapter 13 bankruptcy limits. In most cases, Chapter 13 is the better choice for qualifying individuals and sole proprietors. A business cannot file for Chapter 13 bankruptcy.

What is the main difference between chapters 7 and 11 quizlet?

What is the main difference between Chapters 7 and 11? The main difference between the two is that under Chapter 11, the business continues to operate, while in a 7, the business ceases operation.

How long can a Chapter 11 plan last?

52. For how long a period may a Chapter 11 plan run? There are no specified limits on the length of a Chapter 11 plan. A Chapter 11 plan must be long enough to convince the court and creditors that the debtor is making a good faith effort to pay as much of its debt as is realistically possible.

Why do companies file for Chapter 11?

Companies choose to file Chapter 11 because its long-term revenues will be higher than the liquidation value of the assets. This way, creditors can get more money back if they allow the debtor business to reorganize and work out a payment plan.

Why is it called Chapter 11?

Chapter 11 Bankruptcy, which is named for Chapter 11 of the U.S. Bankruptcy Code, allows corporations to continue operating with the option and time to restructure their finances. Upon filing for Chapter 11, the business is referred to as the “Debtor”.

Can a company survive Chapter 11?

A business going through Chapter 11 often downsizes as part of the process, but the objective is reorganization, not liquidation. Some companies don't survive the Chapter 11 process, but many others, including household names such as Marvel Entertainment and General Motors, successfully emerge and thrive.Jul 5, 2020

Can Chapter 11 be paid off early?

The Article concludes that an individual chapter 11 debtor may obtain a early discharge: (1) upon confirmation of a reorganization plan where the debtor has paid unsecured creditors before confirmation, or where necessary to keep important customers or to obtain financing to pay unsecured creditors, or (2) after plan ...

What happens when a Chapter 11 is dismissed?

In any case where a bankruptcy petition is dismissed, the individual loses the protection of the automatic stay. This means his or her creditors can resume their collection attempts until he or she gains bankruptcy protection again by successfully filing a case.Aug 10, 2021

What are the characteristics of stalkers?

Some of the most common characteristics of stalkers are "assaulting the victim, violating protective orders, sexually assaulting the victim, vandalizing the victim's property, burglarizing the victim's home or otherwise stealing from the victim, threatening the victim, and killing the victim's pet" (Gosselin 301-302).

Why are teams formed?

Teams are formed to address abuse of older adults because the abuse is seen as not just an individual problem, but also a community problem. In this approach, different outlets join together, not just local authorities, to help provide services to address elderly abuse at the community level.

What is date rape?

The term "date rape," also known as "acquaintance rape," is any sexual activity including intercourse, oral sex, anal sex, or other sexual contact that is threated/forced upon an individual by an acquaintance or intimate dating partner. Explain James Makepeace's theory. Makepeace's developmental theory suggests that courtship violence often ...

What is the job of an ombudsman?

An ombudsman's job is to be an advocate for those living in nursing homes, board and care homes and assisted-living facilities. They are supposed to provide services to prevent elder abuse by investigating complaints at these facilities and report any abuse.

What is probable cause to arrest?

Pugh stated: "Probable cause to arrest exists when the facts and circumstances known to the officer are sufficient to warrant a reasonably prudent person in believing that the suspect has committed or is committing a crime" (Gosselin 285).

What is a licensed person?

Individuals, facilities, programs, organizations or agencies can be licensed. Individuals are often licensed by their respective state to practice counseling, social work, or nursing.

What is the purpose of the Council on Accreditation?

The Council on Accreditation (COA) develops standards and guidelines for the accreditation of services delivered by behavioral health and social service agencies. The accreditation process is designed to assist agencies in implementing organizational structures (i.e. financial management ), and processes of care (i.e. case-management) that will help them achieve better results in all areas, and ultimately improve the well-being of their clients. Organizations use their accredited status to demonstrate accountability to clients, funders and donors.

What is voluntary certification?

Typically, certification is voluntary, but sometimes regulatory bodies require certification in order to provide a specific service. Individuals, facilities, programs, organizations or agencies can obtain certification. Certifications at the organizational level can definitely vary, including the terminology.

What does it mean to be accredited?

If an organization is accredited this means they conducted a thorough self-assessment and compared themselves to recognized standards of best practice.

Which type of society tends to favor informal social controls?

Large, urban societies where members do not know each other very well tend to prefer formal social controls. Small, rural communities where members know each other very well tend to favor informal social controls.

What are some examples of social controls?

Examples of these are monitoring, investigations or arrests done by the police, punishments meted out by judicial courts and policies of regulatory bodies such as the Food and Drug Administration. Although not always and not exclusively, ...

Why are children taught in school?

Children are taught in school not to make them repositories of knowledge but to develop their capabilities and so that they can conform and integrate into society later on. People in smaller communities, where members tend to know each other very well, often use informal means to control their society even with access to formal means.

What is social control?

Social control is the various means by which society regulates human behavior. As a concept in the social sciences, there is no one definition as sociologists use the concept in different ways. A limited definition might conceptualize social control as an organized response and regulates only those behaviors that are considered deviant or problematic. A broader definition might include non-deviant behaviors as under the action of social control. Whatever the case, formal and informal social control are the two main types, and the most common classifications of the many forms of social control.

Who is Jean Brown?

Jean Brown is a Registered Psychologist, licensed professional teacher, and a freelance academic and creative writer. She has been teaching social science courses both in the undergrad and graduate levels.