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Corporate Bankruptcy in the USA: Understanding the Different Types

GeneralEdward Kiledjian

This post is for informational purposes only and does not constitute legal advice. It is important to note that every individual and business's situation is unique, and it is always best to consult with a licensed and qualified professional for specific legal advice. This post should not be relied upon as a substitute for professional legal advice.

In the United States, there are several types of corporate bankruptcy businesses can file for to restructure their debts or liquidate their assets. Here are the main types:

  1. Chapter 7 Bankruptcy: This type of bankruptcy is also known as "liquidation bankruptcy," as it involves the sale of a company's assets to pay off its debts. The company's assets are liquidated, and the proceeds are used to pay off its creditors. Any remaining debts are then discharged. Chapter 7 bankruptcy is typically used by small businesses that do not have the resources to restructure their debts.

  2. Chapter 11 Bankruptcy: This type of bankruptcy is often referred to as "reorganization bankruptcy," as it allows a company to restructure its debts and continue operating. Under Chapter 11 bankruptcy, the company creates a plan to repay its creditors over time. This plan must be approved by the court and the company's creditors. Chapter 11 bankruptcy is often used by larger businesses that can restructure their debts and continue operations.

  3. Chapter 12 Bankruptcy: This type of bankruptcy is similar to Chapter 11 bankruptcy, but it is specifically designed for family farmers and fishermen. It allows these individuals to restructure their debts and continue operating their businesses.

  4. Chapter 13 Bankruptcy: This type of bankruptcy is also known as "wage earner bankruptcy," as it is typically used by individuals who have a regular income but cannot pay their debts. Under Chapter 13 bankruptcy, the individual creates a repayment plan to pay off their debts over three to five years.

It's important to note that bankruptcy should be a last resort for businesses and individuals, as it can have serious consequences, including the loss of assets and damage to credit scores. However, for some companies and individuals, bankruptcy may be the only option for dealing with overwhelming debts.

Keywords: corporate bankruptcy, bankruptcy types, Chapter 7, Chapter 11, Chapter 12, Chapter 13, liquidation bankruptcy, reorganization bankruptcy, family farmers, fishermen, wage earner bankruptcy

Chronicle Security launches under the Alphabet family of companies

GeneralEdward Kiledjian

Alphabet Inc., the parent company of Google, has launched a new cybersecurity intelligence company called Chronicle.

The company promises to bring Alphabet's advanced machine learning capabilities and large cloud computing footprint to cyber intelligence. The soft launch was confirmed via a blog post on Medium called "Graduation Day: Introducing Chronicle". A quote from the blog entry says:

“Organizations deploy dozens of security tools to protect themselves, and their security teams are highly skilled and extremely dedicated, but they can’t keep up with the growing number, sophistication and ambition of attacks.”
— Astro Teller

Another Medium blog article is entitled "Give Good the Advantage".

Based on all the blog entries, Chronicle Security will be some kind of large, in the cloud, data collection and analytics platform that will leverage machine learning to deliver 10X efficiency improvements to security teams. 

Data collection and correlation tech aren't new in the security theater, we call this type of tech a security information and event management platform. Competitors in this space include LogRythm, Splunk, IBM QRadar, AleinVault, McAfee Enterprise Security Manager, SolarWinds Log & Event Manager and more. 

The company says their main differentiators will be :

  • "should be able to help teams search and retrieve useful information and run analysis in minutes, rather than the hours or days it currently takes"
  • "Storage — in far greater amounts and for far lower cost than organizations currently can get it — should help them see patterns that emerge from multiple data sources and over years."

Traditional SIEM technologies are very expensive so it looks like Chronicle Security will dramatically bring down the price, making attainable for small to medium size businesses. In addition to the cost, they promise to add machine learning to help find useful information faster and make that information more actionable. This is the piece currently missing in all SIEM products (regardless of what the marketing material says). If Chronicle can deliver Google grade machine learning that helps reduce the burden on security teams and makes the information analysis more automatic, then this could be a big break for security teams around the world.

It is difficult to peg down the exact offering Chronicle will have very little information about the technology or platform is provided. They have promised to keep customer information separate from other Alphabet companies (namely Google) and will have their own privacy policy.

Obviously, Alphabet believes the tech is good enough to turn an idea incubated in their moonshot factory into a real company. Now we wait and see if it is really as good as they are promising.