Chapter 11 Bankruptcy
Businesses use Chapter 11 bankruptcy to reorganize their business debts. In addition, an individual with income exceeding the median household income may file Chapter 11 if that individual’s debt limits exceed the amount allowed under a Chapter 13 bankruptcy.
By filing Chapter 11, a business may continue to operate without the debt burden from prior debt obligations. The Chapter 11 allows the business management to continue running the business while allowing the business bankruptcy attorney and business owner to develop a plan that restructures business debt and frees the business of business contracts and leases that are no longer feasible economically.
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