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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.
For Chapter 11 Cases: The List of Creditors Who Have the 20 Largest Unsecured Claims Against You Who Are Not Insiders (non-individuals) Non-Individual Debtors B 2040
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.
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.
The United States Bankruptcy Code (title 11, United States Code) and the Federal Rules of Bankruptcy Procedure, are available online and at your local law library. The local rules of practice and procedure adopted by each bankruptcy court are available on each court website or in person at their clerk’s office.
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 .
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.
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.
Bankruptcy Case Records & Credit Reporting. Bankruptcy courts do not report or provide information to any consumer reporting agencies. Bankruptcy filings are public records open to examination by law with few exceptions. See 11 U.S.C. § 107; Fed. R. Bankr. P. 5003, 9037.
Chapter 11 Bankruptcy Information. 1. More information on Chapter 11 of the Bankruptcy Code. 2. Notice Required by 11 USC § 342 (b) for Individuals Filing for Bankruptcy (Form B2010) 3. A voluntary Chapter 11 can be filed by submitting the original of the following documents to the divisional office that serves the county where your business ...