A Notice of Chapter 11 Bankruptcy Case (For Corporations or Partnerships) is a formal notification to creditors that a business has filed for bankruptcy protection. This notice typically includes the name and address of the debtor, the name of the bankruptcy court in which the case has been filed, the case number, the date of filing, and the judge presiding over the case. There are two types of Notice of Chapter 11 Bankruptcy Case (For Corporations or Partnerships): the Motion for Bankruptcy and the Motion to Convert. The Motion for Bankruptcy initiates the process of reorganizing the debtor's assets and liabilities, and the Motion to Convert converts the case from Chapter 11 to another chapter of the Bankruptcy Code.
Notice of Chapter 11 Bankruptcy Case (For Corporations or Partnerships)
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Notice of Chapter 11 Bankruptcy Case (For Corporations or Partnerships)
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Discharge of Debt Under A Chapter 11 Bankruptcy There are, of course, exceptions to the general rule that an order confirming a plan operates as a discharge. Confirmation of a plan of reorganization discharges any type of debtor ? corporation, partnership, or individual ? from most types of pre-petition debts.
In individual chapter 11 cases, and in cases under chapter 12 (adjustment of debts of a family farmer or fisherman) and 13 (adjustment of debts of an individual with regular income), the court generally grants the discharge as soon as practicable after the debtor completes all payments under the plan.
The primary purpose of a Chapter 11 bankruptcy is to give business entities and individuals with large amounts of debt an opportunity to reorganize their financial affairs. The debtor in Chapter 11 ordinarily files a plan of reorganization to be voted on by its various classes of creditors.
Corporations, partnerships, and sole proprietors can file Chapter 11 bankruptcy. Chapter 7 and Chapter 13 bankruptcies are more appropriate for individual filers.
A business going through Chapter 11 often downsizes as part of the process, but the objective is reorganization, not liquidation. Some companies don't survive the Chapter 11 process, but many others, including household names such as Marvel Entertainment and General Motors, successfully emerge and thrive.
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.
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.
The Bottom Line In general, Chapter 11 is better for investors than Chapter 7. But in either case, don't expect much. Relatively few companies undergoing Chapter 11 proceedings become profitable again after a reorganization; even if they do, it is rarely a quick process.