What is a “Chapter 11” Bankruptcy?

The U.S. Courts describe a Chapter 11 bankruptcy this way:

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 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.

To view a helpful video series about the various types of bankruptcy, please view the following video from the U.S. Court’s Web site:

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