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Business bankruptcies are regularly in the news. While a particular event; a loan coming due, some catastrophic damage to the company or something similar is reported as a 'triggering cause' for this filing- there is not much reported on how a bankruptcy can help a business. There are only 2 reasons a business would file a bankruptcy; to liquidate some or all assets and/or to modify contracts. Good for large business and not helpful for small businesses.
For bankruptcy terms and phrases • Bankruptcy Terms
For basics on the bankruptcies individuals file watch this video: • Chapters 7 & 13 bankru...