What is BK?
Bankers and other business professionals sometimes use the abbreviation BK to mean bankruptcy. In the financial or business arena, BK is referring to a bankruptcy. It can refer to a business or corporate bankruptcy and it can also be used to describe someone’s personal bankruptcy. Check the context in which the letters BK are being used and try not to confuse Bankruptcy for Burger King!
Bankruptcy in business for large corporations is sometimes referred to in the media as Chapter 11. Chapter 7 bankruptcy and Chapter 13 bankruptcy are the type that are most often referred to for consumer debt. Chapter 11 is used for larger amounts of debt which is why large corporations that file for bankruptcy will use Chapter 11. Chapter 7 and Chapter 13 are for smaller amounts, usually suitable for consumers, but they are not only limited to consumers. Corporations and small businesses can also use Chapter 7 or Chapter 13 so long as the debt amounts are within Chapter 7 and Chapter 13 qualifications.
Contact Bankruptcy Law Professionals to find out more about these debt limitations. We can be reached at 855 257-7671 for a free consultation.