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Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when businesses need help, they may seek to reorganize by filing Chapter 11 bankruptcy. Here’s more on what’s involved ...
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
Terms of an employee contract negotiated over years can be eliminated in months through Chapter 11. Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. Continental Airlines declared bankruptcy, Chapter 11, a second time in December 1990.
It's not uncommon for business owners to worry about paying creditors, especially during times of extended economic downturn. But when a business is struggling with debt to the point that it can...
Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday. The filing comes ...
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