The illicit and perhaps illegal sexual exploits of film mogul Harvey Weinstein have been making headlines in New York and elsewhere for several weeks, but often overlooked in the sensationalism that surrounds Weinstein himself is the effect on the company which he and his brother founded, The Weinstein Company.
As noted in our last post, the federal Bankruptcy Code provides two types of bankruptcy procedures that are often used by individuals to eliminate or reduce their indebtedness. We summarized the steps in a Chapter 7 bankruptcy, the procedure that is used to eliminate debt through the sale of the debtor's non-exempt property and making partial payments to creditors. At the conclusion of a chapter 7 proceeding, the unpaid portions of all non-secured debts are discharged.
Most people in and around Rockland County who are contemplating bankruptcy know that the federal Bankruptcy Code provides two types of bankruptcy proceedings for individuals which are commonly used: Chapter 13 and Chapter 7. Few people, however, know what happens during a Chapter 7 proceeding.