Ads
related to: chapter 11 reorganization bankruptcy act
Search results
Results From The WOW.Com Content Network
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re ...
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
What is Chapter 11 bankruptcy? According to USCourts.gov, Chapter 11 bankruptcy "is frequently referred to as a 'reorganization' bankruptcy. Usually, the debtor remains “in possession,” has ...
Although any bankruptcy is a kind of financial death, companies may emerge from Chapter 11 financially stable. One local company that recently succeeded in exiting Chapter 11 bankruptcy is Clover ...
Audacy, the troubled radio and audio-streaming company, said Sunday it filed plans for Chapter 11 bankruptcy reorganization to slash its debt. Audacy is the second-largest radio broadcaster in the ...
Ad
related to: chapter 11 reorganization bankruptcy act