Matador Legal

Business Bankruptcies have risen by 11 % in the first quarter in 2009, compared to 2008. According to American Bankruptcy Institute’s data here, 14,319 business filings were prepared in US. Bankruptcies are usually considered a lag indicator for the economy, as in it lags business life cycles.
Among these 9700 were chapter 7 filings. The Pittsburgh area [...]

After a chapter 13 petition has been accepted in the court, the court approves of a 3 year or 5 year repayment plan. The trustee appointed by the US bankruptcy court oversees the plan.
The chapter 13 repayment plan is made with its own set of assumptions, like steady income over 5 years, no wage loss,  [...]

Chapter 13 consumer Bankruptcy in US has a number of advantages over liquidation under chapter 7. The most significant being that it gives the debtors a chance to save their homes from foreclosure. As soon as a debtor files for a chapter 13, the foreclosure proceedings are stopped and the delinquent mortgage payments are renegotiated. [...]