14
Aug
Aug
aikon56 asked:
In recent news, companies could be forced to Bankruptcy. Is this the same as “companies can be forced into Bankruptcy Protection”?
In recent news, companies could be forced to Bankruptcy. Is this the same as “companies can be forced into Bankruptcy Protection”?
I thought Bankruptcy protection is “PROTECTION” against Bankruptcy?
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It is protection against bankruptcy, no one can be forced into filing bankruptcy, it’s something people and companies decide to do for themselves as a last resort to escape debt they can not repay.
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???
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They are the same thing. Bankruptcy protection is basically a term used because once you file for bankruptcy, your creditors are not allowed to contact you or try to collect anymore.
Please consult a bankruptcy attorney for more clarification. All attorneys usually give a free consult. Good luck.
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Bankruptcy protection also usually refers to a type of bankruptcy where the company is protected from creditors for a period of time.
Bankruptcy liquidation is where the company is dismantled and assets distributed to the creditors.