Bankruptcy Chapter 13
Bankruptcy Chapter 13 is a type of bankruptcy proceeding outlined in the Bankruptcy Code. Furthermore, Chapter 13 is a financial reorganization procedure that applies to individual consumers and sole proprietorships.
When a financially distressed consumer or sole proprietor files for chapter 13 bankruptcy, the individual arranges to repay debt obligations with future income. Make monthly payments to a court-appointed trustee until you settle the debt. Usually, this occurs over a period of 3 to 5 years.
There may have been destroyer lurking in your company, but you didn’t know they were there. If you are in a Chapter 13 or looking to be bankrupt, then download the Top 10 Destroyers of Value to maximize the value of your company.
Access your Exit Strategy Execution Plan in SCFO Lab.