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May 16, 2008, Newsletter Issue #64: What Is Chapter 11 Bankruptcy?
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Tip of the Week
Chapter 11 petitions apply to the reorganization of a business that is unable to meet its debt obligations with its projected income . Unlike a Chapter 7 bankruptcy filing which specifies a liquidation of assets, Chapter 11 is focused on designing a way for the business to avoid liquidating its assets. The debtor designs a plan that will protect the company from their former creditors and continue operating, while coming to an agreement to pay off old debts over time. Therefore, a Chapter 11 bankruptcy is much more like a personal Chapter 13 petition, which provides a plan for the individual to pay his/her creditors an agreed amount over a specified time period.
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