Need help filing chapter 11 bankruptcy? New Orleans Bankruptcy Law Experts are here to help you
What is Chapter 11 Bankruptcy? New Orleans Experts Can Help You...
In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court
So pretty much only businesses file under chapter 11 and instead of losing the business the owner still owns and can operate the business and has more time to repay the debts however might be overseen by the court (To be sure the owner is truly doing their best and not wasting money.)
Chapter 11 is used by businesses. If you own a business in New Orleans and need to speak with a bankruptcy law expert, get in touch with us. As an individual, on the other hand, you will have to file chapter 7 or chapter 13.
Chapter 11 bankruptcy refers to a kind of bankruptcy defined in Chapter 11, Title 11 of the US Code. Title 11 is all about a certain kind of bankruptcy having to do with the reorganization of debt.
(source: Yahoo Answers)
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