Question

an important aspect of any type of bankruptcy proceeding is the protection that the debtor has after filing for bankruptcy. the legal term used to describe this protection is the:

Answer 1

Liquidation or the most frequent type of bankruptcy for individuals is straight bankruptcy. Your assets—anything you own with monetary value—are liquidated (sold) under the supervision of a court-appointed trustee in order to satisfy your debts.

How can bankruptcy be avoided?

preserving a positive cash flow, choosing a change in management, basing decisions on a business strategy, maintaining correct financial records, and maintaining excellent relations with creditors.

Which two primary categories of bankruptcy are there?

There are two distinct categories of bankruptcy cases out of these five types: 1) Straight/Liquidation, 2) Reorganization—the latter requires the designation of classes of claims and interests in the reorganization plan.

To know more about the Straight bankruptcy visit :-

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