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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]
When a company seeks to reject or modify a collective bargaining agreement under Chapter 11 of the U.S. Bankruptcy Code, Bankruptcy Code §1113, entitled Rejection of Collective Bargaining Agreements, clarifies the circumstances under which such agreements may be rejected. Section 1113(b) and (c) generally require the following steps:
Personal bankruptcy is a legal process that allows people to discharge unpayable debts by liquidating assets to pay their creditors or by entering into a court-approved plan to repay them. Tips: 7...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
When financial troubles mount and debts are piling up, filing for bankruptcy protection may be a last resort option. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when ...
A conventional bankruptcy case is one in which the debtor files for Chapter 11 relief without having agreed in advance to the terms of a plan of reorganization with its creditors. During the course of the Chapter 11 case, the debtor or, if the debtor does not retain the exclusive right to propose a plan, a creditor or creditor group may ...
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee. The U.S. Trustee ...
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend credit counseling. Your credit counselor will go over your options and help create a plan. Your credit counselor will ...