Chapter 11 Bankruptcy
Chapter 11 for Businesses and Individuals
Overview
Chapter 11 Bankruptcy is primarily used by businesses to reorganize debts while continuing operations. It’s also available to individuals whose debt levels exceed the limits of Chapter 13. This process allows for the restructuring of debts and contracts to improve the filer’s financial standing.
Process
Filing for Chapter 11 involves submitting a reorganization plan that details how the business or individual will repay creditors over time. This plan must be approved by the creditors and the court. During the process, the filer usually continues to operate the business or manage their assets.
Implications
Chapter 11 offers flexibility in restructuring debts and can provide a pathway to recover from financial distress while retaining control of assets and operations. It’s particularly beneficial for businesses looking to adjust their operations and debt obligations without liquidating.
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