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A case as filing chapter 11 reorganization of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. While individuals are not precluded from using chapter 11, it is more typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership.
Contact a Chapter 11 Bankruptcy Lawyer to find out all your legal options and rights
Under Chapter 11 – This is used mostly by businesses. In chapter 11, you may continue to operate your business, but your creditors and the court must approve a plan to repay your debts. There is no trustee unless the judge decides that one is necessary; if a trustee is appointed, the trustee takes control of your business and property.
Financial Justification of Chapter 11 Bankruptcy:
- Liquidation Analysis
- Prior Credit History
- Income and Expenditures
- Assets and Liabilities
- Earning Projections
Under the new Bankruptcy Act of 2005, credit counseling may be required or other options may be required, Contact a Chapter 11 Bankruptcy Lawyer to find out all your legal options and rights
Bankruptcy Law Is A Federal Law. This Sheet Gives You Some General Information About What Happens In A Bankruptcy Case. The Information Here Is Not Complete. You May Need Legal Advice.
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