Title: Creating a Bankruptcy Plan
|Date:||October 27, 2015|
|Length:||3 / 661|
|No of views:||0|
|Essay rating:||good 0, average 0, bad 0 (total score: 0)|
It will also give information as to the ratio of Chapter 7 vs Chapter 11 business filings, the time span for Chapter 11 filing, what debts may not be discharged under Chapter 7 and if a Chapter 13 plan can be modified.
Cardew printing has been at a loss for 2 years. They extended credit to their customers, decreasing their capital, and have lost two of their biggest accounts...
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In February 2005, the decision was which chapter of bankruptcy they should file. Chapter 11 was the better choice because the company could reorganize and create a repayment plan.
In June 2005, Cardew Printing out of the red and a decision of repayment needed to be decided upon. The order of repayment chosen was to first pay $307,820 annually to Steinway Commercial Bank by 2008, $40,000 annually for the outstanding wages and benefits by 2006 and $749,850 annually to Sawyer's Printing Supplies by 2007...
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