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Is secured creditor really secured?
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Companies in financial trouble are often forced to liquidate their assets to pay creditors. While a Chapter 11 bankruptcy sometimes makes the most sense, other times a Chapter 7 bankruptcy is required, and in still other situations a corporate dissolution may be best. This post examines another of the options, the assignment for the benefit of creditors, commonly known as an "ABC." A Few Caveats . It's important to remember that determining which path an insolvent company should take depends on the specific facts and circumstances involved. As in many areas of the law, one size most definitely ...
The law says that people have a right to avoid unsecured debts by seeking bankruptcy protection. Creditors know that everybody they lend to has this option. It’s expensive to borrow in this kind of world because lenders must charge extra for the very real possibility that they won’t be able to fully collect. In effect, bankruptcy law disables those who possess few assets from making commitments to fully repay debts. Why do we foist this “protection” on all households? If we lived in a society that allowed borrowing but forbade defaulting under any circumstances (an admittedly extreme and ... Read More
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