What Are the Differences between Bankruptcy Types?

Chapter 11 Bankruptcies pic
Chapter 11 Bankruptcies
Image: nolo.com

Nancy L. Kourland is a longtime lawyer in the New York City area. In the almost 30-year span she’s worked in law, Nancy L. Kourland has earned recognition as a bankruptcy litigator, focusing in large part on Chapter 11 bankruptcies.

In bankruptcy law, there are several different chapters for which you can file depending on who’s filing and the amount of debt. Chapter 7 bankruptcy is used by people and businesses with no disposable income to get rid of debt. Debtor most likely lose their property in liquidation. Chapter 13 bankruptcy applies to people with a regular income, and it is used to renegotiate the debt in order to pay it off over time. In this case, debtors may be able to keep their property. Chapter 12 is another type of bankruptcy that applies only to commercial fishing vessels and farmers.

Chapter 11 bankruptcy typically involves large business partnerships or corporations. A business that has a substantial amount of debt but wants to reorganize its debts to stay in business will usually file Chapter 11. Creditors would get paid over time, and the business is still active. Sometimes if the debt for a married couple is over a certain amount, a Chapter 11 bankruptcy might be filed. It is the most complicated of the choices, and fewer law firms handle Chapter 11 cases.

Advertisements

Published by

Nancy Kourland

New York-based Attorney Nancy L. Kourland currently serves as a Senior Associate at Rosen & Associates, P.C., where she often represents debtors and creditors in workouts and chapter 11 cases. With extensive experience in complex legal research and writing, Nancy L. Kourland handles prosecution, appeals, asset sales, disclosure statements, and claims administration. Additionally, she maintains regular contact with clients and other counsel, while also focusing on bankruptcy and district court appearances. Prior to earning her Juris Doctor, Nancy L. Kourland attended Barnard College in New York, where she studied ancient studies and Latin. In 1984, she graduated magna cum laude with a Bachelor of Arts, earning many accolades, including consistent placement on the dean’s list and departmental honors. She then enrolled in the New York University School of Law. While there, she joined the staff of the Journal of International Law and Politics, functioning as both a staff member and an Articles Editor. Additionally, Nancy L. Kourland served as a Research Assistant for a year as well as a Teaching Assistant for a class called Civil Procedure. After graduating law school in 1987, Nancy L. Kourland joined the firm of Kronish, Lieb, Weiner & Hellman, LLP as an Associate in the bankruptcy department, where she garnered experience with chapter 11 cases. She held similar roles with Levin & Weintraub, Crames & Edelman and Kramer, Levin, Kamin, Nessen & Frankel. In 2008, she joined Satterlee Stephens Burke & Burke as a Contract Attorney and represented clients in the cases of Tricom, S.A, CardSystems Solutions, and Lehman Brothers Holdings, Inc. In addition to practicing law, Nancy L. Kourland contributes her time to the Central Park Conservancy and the Carnegie Hill Neighbors, an organization dedicated to keeping the Carnegie Hill neighborhood a clean and satisfying place to live. She also donates to New York’s public radio station, WNYC, and the Public Broadcasting Service (PBS).

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s