Should my LCC or small corporation file bankruptcy? Usually not. The general rule of thumb is that single owner corporations or limited liability companies should not file bankruptcy. Occasionally, there is a benefit to filing bankruptcy for a small corporation, such as recovering a preference to pay priority trust fund taxes the owner owes personally….
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Category Archives: Business Bankruptcy
What Is Confirmation in Bankruptcy?
Confirmation: The court order which makes the terms of the plan for repayment of debts in a Chapter 11, 12 or 13 binding. The terms of the confirmed plan replace the prepetition rights of the debtor and creditor.
What Does Confirmed Mean?
Confirmed: A plan of reorganization in Chapter 11, 12 or 13 approved by the court and binding on the parties is said to be confirmed.
What Is Chapter 12 Bankruptcy?
Chapter 12 bankruptcy: A simplified reorganization plan for family farmers whose debts fall within certain limits.
What Is Chapter 11 Bankruptcy?
Chapter 11 Bankruptcy: A reorganization proceeding in which the debtor may continue in business or in possession of its property as a fiduciary. A confirmed Chapter 11 plan provides for the manner in which the claims of creditors will be paid in whole or in part by the debtor.
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Jill Michaux & Mark Neis
Attorneys at Law
Bankruptcy Law Office
Neis & Michaux, P.A.
825 Bank of America Tower
534 S. Kansas Ave., Ste. 825
Topeka, KS 66603-3446
T: 785-354-1471
F: 785-354-1170
Email: lawyers@neismichaux.com Website: www.neismichaux.com
Board Certified in
Consumer Bankruptcy Law
by the American Board of
Certification -
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