Business Bankruptcy Resources
Introduction
Chapter 7 Bankruptcy:
also known as "straight bankruptcy" wherein the debtor receives a "fresh start" after all property that is not exempt has been liquidated and used to pay creditors. All debts are usually discharged after about 4 months.
Chapter 11 Bankruptcy:
used in situations where the business could still use be a viable entity as long as its debts could be reduced or postponed. Reorganization or downsizing usually occurs under this protective measure.
Note: Chapter 9, Chapter 12, and Chapter 15 are sections in the backruptcy code, but are rarely used. The general information in the below web sites may briefly mention these, but this guide will not focus on them.
Answers.com
This website offers general, broad information for those beginning the process of filing for bankruptcy. Definitions, related topics, and further reading is featured. More detailed information can be found by following links (such as discharge of backruptcy, wage earner plan, etc.)
BankruptcyAction.com
This is a no-charge, and advertisement-free website used to offer general overviews of bankruptcy as well as more specific topics depending on the links you choose.
*U.S. Bankruptcy Court*
This site is sponsored by the U.S. Bankruptcy Court and outlines the basics of Chapter 7, 11, 13 (individual),12, 9, and 15 bankruptcies. The site is not as in-depth as some of the others, but the authority of the U.S. Bankruptcy Court ensures that users of this site will acquire adequate, current, and comprehensive information. The best place to begin your search.
FreeAdvice.com
This legal-based, free website gives general information on business bankruptcy including FAQs, employee issues and rights, and, stocks and tax issues - all from the legal point of view.
Cornell Law School's Bankruptcy Information Web Site
Cornell Law School offers this web site on bankruptcy law that is organized into sections similar to chapters. The site is fairly technical and the lay person may not understand all of the information, but the source is authoritative.
Find a Lawyer through FindLaw.com
This free website allows the user to search for bankruptcy attorneys through a city and/or state search.
LawInfo.com
LawInfo offers businesses just starting to consider bankruptcy a general description of the steps involved and the legal information needed to begin. The service (search feature) for locating an attorney specializing in bankruptcy appears to be a sponsored service as a way of advertising because it is not inclusive.
DebtSteps.com
Offers basic benefits and drawbacks for those deciding whether to file or not. The seemingly impartial nature of the site is ideal because it presents alternatives to filing, such as debt management; however, keep in mind that sponsored websites and websites with numerous advertisements may be less reliable in legal issues.
EZineArticle
This brief but informative article lists the advantages and disadvantages of filing for Chapter 7 bankruptcy.
MoneyInstructor.com
This site is another brief, but informative view of the pros and cons of bankruptcy. This site is aimed at educators, so detailed bankruptcy law and information is not available, merely the basic overview of pros and cons.
FreeAdvice.com's (fee-based) forms
This website allows the user to search by state for bankruptcy forms and download for a fee. Keep in mind that filing for business bankruptcy can only be done in federal court.
Gaebler Ventures
This private company's website focuses on the small business bankruptcy step-by-step procedure.
IRS article
The brief IRS article deals mainly with small business bankruptcy, but is important because it contains links to vital information such as the Bankruptcy Tax Guide.
State Bankruptcy Courts
This is a map featuring searchable courts by state. Select the radio button for "bankruptcy", then click your desired state.
U.S. Government Bankruptcy Information
Federal Government Links to bankruptcy information such as forms and statistics.
Created: January 28, 2007
By: Elaine M. Robbins
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