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Chapter 7 and 11 Bankruptcy
Details: The law firm is very concerned that the call center would not be able to pay any judgment levied against it by the courts in a civil tort case. Due to recent robberies and legal troubles with the call center, the firm is worried that the call center although incorporated may have to file bankruptcy. Your firm is currently owed just over $40,000,000 by the call center. Your committee as a group has been tasked with putting together a report on the following issues:
Can the call center file Chapter 7 bankruptcy? Explain.
Can the call center file Chapter 11 bankruptcy? Explain.
Can the call center file Chapter 13 bankruptcy? Explain.
What are the benefits and the negatives of the call center filing bankruptcy?
Are there any federal guidelines that might affect the call centers decision to file?
Make sure to discuss any applicable statutes or case law in your state or country.