Chapter 11, also known as Reorganization, is used primarily by businesses, but individuals can file for Chapter 11 Bankruptcy. Reorganization is a good option for corporations, partnerships and sole proprietorships that want to keep doing business.
In Chapter 11, debtors seek to restructure their debts either by reducing the amount of the debt or by extending the time to repay. Chapter 11 also may require liquidation of the debtor’s assets.
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