Search results
Results from the WOW.Com Content Network
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization.
Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law.
The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files the case and must provide creditors with a disclosure statement containing information adequate to enable creditors to evaluate the plan.
Businesses may file bankruptcy under Chapter 7 to liquidate or Chapter 11 to reorganize. Chapter 12 provides debt relief to family farmers and fishermen. Bankruptcy filings that involve parties from more than one country are filed under Chapter 15 .
In filing a Chapter 11, the debtor presents a plan to creditors which, if accepted by the creditors and approved by the Court, will allow the debtor to reorganize personal, financial or business affairs and again become a financially productive individual or business.
This chapter discusses six aspects of a chapter 13 proceeding: the advantages of choosing chapter 13, the chapter 13 eligibility requirements, how a chapter 13 proceeding works, making the plan work, and the special chapter 13 discharge.
A Chapter 11 case provides the opportunity to reorganize or readjust debts through a plan, to allow the debtor to remain in business and to pay creditors over time. Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. Individuals may also seek relief under Chapter 11. Chapter 11 ...
Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. These procedures are covered under Title 11 of the United States Code (the Bankruptcy Code).
Chapter 11 is typically used to reorganize a business and the debtor usually files a plan of reorganization to keep the business operating and pay creditors over time.