What is bankruptcy in the business context?

Minneapolis Bankruptcy attorney Steven Silton describes why bankruptcy for businesses is unique.

Contact Steven Silton

Email: [email protected]

Phone: (612) 260-9003

Transcript:

Bankruptcy with regard to businesses is a organized process in which a business is either able to cancel their existing contracts and enter into a new contract pursuant to what’s called a plan of reorganization, or if the business is no longer viable they’re able to orderly liquidate their obligations in a way to maximize the value of those assets pursuant to court supervision.