November 12th, 2009 by Questions
What is a division 1 in Bankrupsy?Why is it called a division 1?
Posted from: British Columbia
November 12, 2009 at 11:27 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
There is no Division I Bankruptcy. The only types of bankruptcy filing’s are Summary and Ordinary and essentially a Summary is a streamlined version of the Ordinary and is designed for simpler situaitons where you are dealing with less than $15,000 of realizable assets.
Now there is a Division I proposal and this is a proposal that was originally desinged for business type’s of settings where you are typically dealing with larger amounts of monies and assets.
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