Bankruptcy is a legal process by which certain debts are forgiven while also allowing creditors the opportunity to obtain repayment based on the available assets of a business or individual. Upon the successful completion of a bankruptcy, a debtor is relieved of the debt obligations incurred prior to filing for bankruptcy.
The team at CMBG Advisors are experienced bankruptcy consultants and strategists. Bankruptcy can be a very complicated process, but we can handle it. Whether it is working with outside counsel and creditors, or interacting with public relations and financial professionals, we offer a full range of support to manage all aspects of bankruptcy.
Chapter 7 "Liquidations" are often used by individuals and corporations. During the process, debts are discharged subject to the filer's eligibility and the type of debt.
Chapter 11 "Reorganiziations" are usually utilized by corporations, partnerships, limited liability partnerships, or high net worth individuals. To create an achievable repayment plan, debts are restructured.