The gorgeous $3.5 billion paradisiacal mega resort Baha Mar is in the news again. Since its construction initiated, there are travelers waiting for it to start. However, it seems this is not going to take place for some more time. It is because the mega resort has filed for Bankruptcy chapter 11 pertaining to the delay witnessed in its development.
For those of you unaware of the same, the Chapter 11 bankruptcy is filed in order to aid reorganization of businesses.
The following steps are pursued for the process as governed by the US laws:-

  1. The debtor or the creditor of an organization may file the Chapter 11 bankruptcy.
  2. As soon as the filing is pursued a stay is put in all the collections. This implies that the creditors cannot ask for paying the debt until there is any sort of modification in the process.
  3. The business, however, continues its affairs without any turbulence.
  4. The repayment amount is definitely lower than the original total debts.
  5. During the case, it is apt for the debtor to review the claims proposed by the creditor and object wherever feasible.
  6. If the reorganization plan is feasible the court confirms it. Once the confirmation is positive, the debts which existed before the confirmation date are discharged.
  7. And it is now, that the debtor will have to pay the creditor in accordance with the new reorganization plan.
  8. If the debtor is unable to propose a plan, the creditor can come up with the same.

 

Related Posts
Filing For Bankruptcy Due To Financial Difficulties
Should you file bankruptcy or not ? Send your case to bankruptcy lawyers for free consultation, Our online pool of lawyers helped many ( look below ) and help you ...
READ MORE
What is involved in filing for bankruptcy
People who are having problems paying their financial obligations sometimes consider bankruptcy to acquire comfort from selection initiatives, remove some or all of their financial obligations or rebuild their debt ...
READ MORE
Declaring bankruptcy
Declaring bankruptcy is one of the many options a debtor can perform when he can no longer meet the terms of his financial obligations to his creditors. In the United ...
READ MORE
Stockton exit imposed losses on bondholders
The date of February 25, 2015 witnessed a new chapter in the life of the Stockton community. It was this day when the bankruptcy exit plan became effective. There were ...
READ MORE
Filing for Bankruptcy
Hiring a lawyer to file for bankruptcy can be expensive, since the lawyer’s fees comprises of a huge chunk of bankruptcy expenses. However, filing for bankruptcy can be done by ...
READ MORE
bankruptcy court
The United States is among the first country in the world that has the bankruptcy courts. They are first country to have a humane view of the person who has ...
READ MORE
Affordable Chapter 7 legal services
Chapter 7 bankruptcy is a process of liquidation. In here the non-exempt assets of debtor are sold by the trustee and there are particular norms of the code which needs ...
READ MORE
Bankruptcy
Bankruptcy laws are made for the help of the people who can no longer pay their creditors get a chance to pay that is by liquidating assets or by creating ...
READ MORE
How Chapter 11 helped in Formula one
The team Marussia has filed for the equivalent of Chapter 11 bankruptcy. This step of the team was preceded by another Formula One Company Caterham in less than a week; ...
READ MORE
Baha Mar Resort Enters Bankruptcy
Chapter 11 bankruptcy has been witnessed to provide an organization a relief from the heavy debts. Hence, it was not a surprise that the mega resort Baha Mar which was ...
READ MORE
Filing For Bankruptcy Due To Financial Difficulties
What is involved in filing for bankruptcy
Declaring Bankruptcy
Stockton exit imposed losses on bondholders
Filing for Bankruptcy without a Lawyer
Bankruptcy courts
Affordable Chapter 7 legal services
Bankruptcy
How Chapter 11 helped in Formula one
Baha Mar Resort Enters Bankruptcy