An Overview of the Different Types of Bankruptcy Filings

Suzzanne Uhland presently works at O’Melveny & Myers LLP as a partner. During her time in this position, Suzzanne Uhland has demonstrated extensive knowledge of the bankruptcy process.

In some situations, declaring bankruptcy is a business’ only option. In such cases, business owners must educate themselves in the four different types of bankruptcies that can be declared.

By filing for Chapter 7 bankruptcy, businesses are entering into a process more commonly known as liquidation. During liquidation, trustees sell assets to offset outstanding debts, while debts that cannot be satisfied are discharged. Chapter 7 is an attractive option for businesses with few major assets and no future plans to continue operations.

Sole proprietorships, corporations, and partnerships that do plan on recovering in the future will prefer a Chapter 11 filing, which revolves around a reorganization plan that will be closely monitored by a court-appointed trustee.

Chapter 13 bankruptcy can also be filed by sole proprietors, though it is more commonly filed by consumers, and it involves the debtor outlining a plan for repayment. When compared to Chapter 7 bankruptcy, a Chapter 13 filing can benefit a sole proprietor by protecting personal assets, such as a house, that are involved with the business.

Finally, Chapter 12 bankruptcy is a filing reserved for family farmers and fishermen who can pay back debts over a period of three to five years.

Suzzanne Uhland and Distressed Company and Bankruptcy Litigation

A Partner at O’Melveny & Myers LLP, Suzzanne Uhland possesses a great deal of experience handling distressed company and bankruptcy litigation. Uhland and the firm understand that financial distress can strain relationships between investors and companies. Oftentimes, financial loss can result in parties seeking out alternative methods of recouping their investments. 

At O’Melveny & Myers, Suzzanne Uhland and her colleagues have helped many clients through large-scale disputes. Clients include general and limited partners in private investment funds, substantial financial institutions, and major operating companies in a variety of industries, such as entertainment and media, retail, insurance, labor, real estate, and technology. The firm has handled cross-border and multi-party disputes as well as fraudulent transfer claims with both domestic and international parties. O’Melveny & Myers uses a combination of trial skills, insolvency knowledge, and litigation experience to help clients through difficult cases. 

Suzzanne Uhland herself is the Chair of Restructuring Practice and partner at the firm’s San Francisco office. She draws upon her extensive background in Chapter 11 reorganizations and Bankruptcy Code Section 363(b) sales.. Over the years, Uhland has accumulated an impressive list of accomplishments. She represented one of the largest subprime lenders, New Century Financial Corporation, in its chapter 11 case, including numerous bankruptcy litigation matters within that case. Suzzanne Uhland also helped Spyglass Entertainment, a subsidiary of Metro-Goldwyn-Mayer, through MGM’s Chapter 11 restructuring. Other notable clients include Advanced Marketing Services, SeraCare Life Sciences, Inc., and Saga Investments, LLC. 

Considered one of the best lawyers in America, Suzzanne Uhland’s work has been highlighted by Chambers and Partners USA and Orange Coast Magazine.