Bankruptcy Reform Act

Chapter 11 Bankruptcy
Chapter 11 Bankruptcy, under the Bankruptcy Reform Act of 1978, allows for the reorganization of partnerships, corporations, municipalities, and sole proprietors facing financial difficulties to remain operational while they restructure their debts.
Chapter 7 Bankruptcy
Chapter 7 of the Bankruptcy Reform Act of 1978 refers to liquidation proceedings in the USA, designed to provide honest debtors an opportunity to start afresh by discharging certain debts.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.