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Essay

Creating a Bankruptcy Plan

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Issue:

Business

 

Written by:

Linda P

 

Date added:

July 22, 2017

 

Level:

 

Grade:

A

 

No of pages / words:

3 / 661

 

Was viewed:

5083 times

 

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Essay content:

It will also give information as to the ratio of Chapter 7 vs Chapter 11 business filings, the time span for Chapter 11 filing, what debts may not be discharged under Chapter 7 and if a Chapter 13 plan can be modified. Cardew printing has been at a loss for 2 years. They extended credit to their customers, decreasing their capital, and have lost two of their biggest accounts...
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In February 2005, the decision was which chapter of bankruptcy they should file. Chapter 11 was the better choice because the company could reorganize and create a repayment plan. In June 2005, Cardew Printing out of the red and a decision of repayment needed to be decided upon. The order of repayment chosen was to first pay $307,820 annually to Steinway Commercial Bank by 2008, $40,000 annually for the outstanding wages and benefits by 2006 and $749,850 annually to Sawyer's Printing Supplies by 2007...
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