Cases filed under chapter 11 of the U.S. Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. 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.
Contact a bankruptcy attorney at Patel Law P.L.C. to schedule a consultation at (602) 266- 2169.