What is Chapter 11 Bankruptcy?
Chapter of bankruptcy that is used for businesses that have to much debt but are worth more as an operating business then the sum of all proceeds that could be raised from a total asset liquidation sale.
How Chapter 11 Works
A trustee will overlook the reorganization of the debt and efficiency of a business.
Once this process is complete the business is simply to follow the terms of the restructured debt agreements.
Bankruptcy is not usually thought of as a nice or relieving experience, nor is the process of bankruptcy cheap. There are many consequences to bankruptcy that can last a long time.
Bankruptcy is a legal process and decision so one should discuss bankruptcy with there own qualified attorney.