The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. A Chapter 11 Bankruptcy debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11 Bankruptcy.
Most people assume that bankruptcy means liquidating all of a debtor’s nonexempt assets and distributing the proceeds among his creditors. However, the bankruptcy laws also provide for rehabilitating the debtor. Chapter 11 Bankruptcy allows a debtor to enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured so as to allow the debtor to continue his business operation.
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