Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.
What happens in developing the chapter 11 plan?
The debtor company develops a plan with the various committees. The company or its counsel usually prepares a disclosure statement and reorganization plan and files it with the court. If is complete (if the company is publicly held, it is reviewed by the SEC), creditors (and sometimes the stockholders) vote on the plan.The Bankruptcy Court confirms the
5 comments:
Hello Solivan,
Hmmm...fancy that a search for types of bankruptcy brought me to your blog. Hah! Maybe our stars are aligned tonight :)
May not be the exact infomation on types of bankruptcy ...but am glad to have dropped by. Your post on What is chapter 11 bankruptcy? makes an intersting read.
Solivan, keep up the nice work on the blogs. Cheers and all the best!!
Hiya Solivan,
Didnt know searching on the net for types of bankruptcy would bring me here. But hey... reading your post "What is chapter 11 bankruptcy?" was entertaining.
While it may not be exactly related to types of bankruptcy, it was nevertheless a pleasure to have visited your blog. That's the beauty of the internet.. u just dont know what you will find at the next corner.
Solivan, its been great to visit your blog...do keep blogging and continue to make the web a more interesting place..cheers mate
Hi there Solivan... Look where I landed searching for info on bankruptcy alternatives. But since Im here... I thought I'd just stop by and read... I found your post "What is chapter 11 bankruptcy?" kinda interesting.
Do you always write that way?
I guess I'd better be on my way as I still need stuff on bankruptcy alternatives for my project.
Thanks for a good read Solivan ...and keep doing all the great blogs. Cheers.
Hello Solivan,
Hmmm...fancy that a search for bankruptcy law brought me to your blog. Hah! Maybe our stars are aligned tonight :)
May not be the exact infomation on bankruptcy law ...but am glad to have dropped by. Your post on What is chapter 11 bankruptcy? makes an intersting read.
Solivan, keep up the nice work on the blogs. Cheers and all the best!!
Hiya Solivan,
Didnt know searching on the net for avoid bankruptcy would bring me here. But hey... reading your post "What is chapter 11 bankruptcy?" was entertaining.
While it may not be exactly related to avoid bankruptcy, it was nevertheless a pleasure to have visited your blog. That's the beauty of the internet.. u just dont know what you will find at the next corner.
Solivan, its been great to visit your blog...do keep blogging and continue to make the web a more interesting place..cheers mate
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