What are the general types of bankruptcy Cases?
1. Pre-packaged: Full agreement between all parties before the bankruptcy on how the bankruptcy process plays out. These cases can get in/out of court within weeks. The record is actually less than 24 hours.
2. Pre-arranged: Agreement between most parties but not all, enough to have confidence that the bankruptcy process will play out as expected by the Debtor.
3. Free-fall: No agreement. these are the most contentious and can go on for years while the parties argue in court.