Generally, chapter 11 bankruptcy is a
reorganization of ones financial affairs, as to
monthly payments, and as to the principal balance
and rate of interest service on your debts. It can
also stop foreclosures, tax levies, repossessions,
IRS seizures, and other creditor actions and allows
one to set up a court enforced repayment plan. Under
court supervision, the debtor is allowed to propose
a plan of reorganization and the creditors have
limited negotiation rights to reach an agreement for
the repaying of the debt.
Chapter 11 bankruptcy filings can be used as
strategic move by a corporation. In other words,
management may decide to reorganize for reasons other
than financial. It is available to individuals,
corporations and partnerships and, unlike chapter 13,
has no limits on the amount of debt involved. When a
business may have too many debts to pay now but
prospects for future growth are good, the use of
chapter 11 bankruptcy may make sense. A
businesses is usually allowed to continue to operate
while in chapter 11 bankruptcy, though they will be
under the supervision of the bankruptcy court.
While in chapter 11 bankruptcy, creditors are not
allowed to initiate or continue any lawsuits, garnish
wages, or even make telephone payment demands. Secured
creditors with liens on assets can petition the court
to reposes those assets if court directed payments are
Creditors may also file a motion to convert the
bankruptcy to a chapter 7 liquidation or to dismiss
the bankruptcy all together. They can also force
a business to file for chapter 11 or 7 if it cannot
make the payments on its debt. Large
corporations normally make use of chapter 11
bankruptcy to allow them to continue to operate while
the company's debts and finances are reorganized.
Often referred to as "reorganization" bankruptcy,
chapter 11 is most often used by corporations, sole
proprietorships and partnerships. Attorney's
fees can be expensive in chapter 11 bankruptcy and
attorneys receive priority in payment over other
creditors. These fees can vary greatly from one
law firm to the next.
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