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MGM Studios Files for Chapter 11 Bankruptcy

Metro-Goldwyn-Mayer, Inc., also known as MGM Studios, has filed for Chapter 11 bankruptcy in a federal court in Manhattan. The entertainment studio, which is famous for such movie classics as James Bond and Rocky, was almost taken over by Lions Gate Entertainment Corp., but the bid was rejected.

Chapter 11 bankruptcy is a lot like Chapter 13 in that instead of completely eliminating your debts, it reorganizes them. By reorganizing your debts, it enables you to make one consolidated payment each month for a set period of time, and most people end up paying far less than they owe. Chapter 11 is different in that both individuals and companies can file for it, and in that it does not have a cap on the amount of debt you are seeking to reorganize.

At Jacoby & Jacoby, your future is in safe and capable hands. Contact a Long Island Bankruptcy Attorney at the firm today if you are having financial difficulties.
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