Chapter 11 bankruptcy

[ { "value": "Chapter 11 bankruptcy, often referred to as reorganization bankruptcy, allows businesses and individuals to restructure their debts while continuing to operate. This type of bankruptcy is particularly suitable for corporations that need time to reorganize their business affairs, assets, and debts. Under Chapter 11, the debtor proposes a reorganization plan, which must be approved by creditors and the bankruptcy court. The objective is to develop a feasible plan that allows the business to return to profitability while paying off creditors over time. Chapter 11 is complex and generally more expensive than other forms of bankruptcy, like Chapter 7 or Chapter 13, but it provides a valuable opportunity for businesses to recover and thrive. } ]