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What a Chapter 11 Bankruptcy is – Dan Park Law Group

Lawyers are trained in specific types of bankruptcy. Chapter 11 is a restructuring of bankruptcy. Large corporations can apply for chapter 11 It allows companies to make chapter 11 applications and declare bankruptcy. It’s not only meant for large corporations. Individuals are often the ones who are eligible for Chapter 11. Chapter 13 will limit the individual to only a small amount of unpaid dues. The people with higher incomes may declare bankruptcy. Chapter 11 grants debtors additional time to work on payment. One of the most common forms of bankruptcy restitution is liquidation. Reorganization is Chapter 11. These reorganizations can be used to safeguard assets and businesses in order to allow them to continue functioning like normal. First, file chapter 11 bankruptcy, and then pay the filing fees. The debtor has to prove to the trustee they have a plan to pay off the outstanding debt. The debtor can continue to run their business. For more information, please go through this video. z8a8bkm9gp.

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