Creating a Bankruptcy Plan
... a Bankruptcy Plan Answer to Questions: a. What is the ratio of Chapter 7 to Chapter 11 filings for businesses? The ratio of cases of bankruptcy of Chapter 7 to Chapter 11 in the United States as of 2001 is 34 percent. The study of Flyn E, Bermant G. and Bakewell G. in 2002 stated that 960,944 cases were filed under Chapter 7 and only 33,700 cases were filed under Chapter 11.(Flynn, E., Bermant, G. & Bakewell, K., 2002).
b. What is the typical time span for filing for Chapter 11, confirmation, and successful completion of the reorganization plan?
A debtor may be qualified to apply for Chap. 11 bankruptcy after he received credit counseling from an authorized agency. A debtor is required within 20 d...