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Chapter 7 protection allows corporations to be liquidate its assets, cease operations, and avoid further collection or recovery actions without future legal proceedings. It is the last alternative for most companies, as they will cease to exist after the process is complete. This means that your corporate name will be sacrificed
Chapter 11 protection is the most popular choice for corporations that want to continue operating. This allows companies to "reorganize" their operations and debts, while receiving protection from current creditors collection efforts and legal actions.
The third alternative is to not file BK at all and just close and wind up the corporation. You may have to start a new corporation under a slightly different but similar name.
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