What is the difference between Bankruptcy and Bankruptcy Protection that I hear in the news recently?
Jun 22, 2009
in
Bankruptcy
aikon56 asked:
In recent news, companies could be forced to Bankruptcy. Is this the same as “companies can be forced into Bankruptcy Protection”?
In recent news, companies could be forced to Bankruptcy. Is this the same as “companies can be forced into Bankruptcy Protection”?
I thought Bankruptcy protection is “PROTECTION” against Bankruptcy?
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3 comments
alma p on June 24, 2009 at 2:18 am
???
fuzzy bunny on June 25, 2009 at 5:00 am
They are the same thing. Bankruptcy protection is basically a term used because once you file for bankruptcy, your creditors are not allowed to contact you or try to collect anymore.
Please consult a bankruptcy attorney for more clarification. All attorneys usually give a free consult. Good luck.
SafeWorker on June 26, 2009 at 8:54 pm
Bankruptcy protection also usually refers to a type of bankruptcy where the company is protected from creditors for a period of time.
Bankruptcy liquidation is where the company is dismantled and assets distributed to the creditors.
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