The bankruptcy filing process different for businesses, consumers
Bankruptcy is different for everyday consumers than it is for businesses, but both are spurred by similar factors and can take place at different speeds.
Bankruptcy is different for everyday consumers than it is for businesses, but both are spurred by similar factors and can take place at different speeds.
John Skiba, an Arizona bankruptcy attorney, wrote in a white paper that consumers filing bankruptcy can do so to avoid foreclosure. The automatic stay temporarily halts foreclosure proceedings, which can be a catalyst for an emergency bankruptcy filing.
Skiba added that consumers who wish to file bankruptcy in a hurry won't be bogged down by paperwork as only basic information is required for filing, including name, address and Social Security number.
Chapter 11 bankruptcy allows for reorganization of assets so a business can pay off creditors, but it also provides a window of time for a sale of the business to take place as well.
According to the Los Angeles Times, Crystal Cathedral is seeking bankruptcy but is still actively pursuing offers and that can be a timely process.
"There are other options out there which are viewed by the ministry and the creditors as being more favorable," attorney Marc Winthrop, who represents the Crystal Cathedral, told the court.
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