What does this mean? Chapter 11 bankruptcy for a business?
Heres the link ..
http://www.mieb.uscourts.gov/courtOpinions/opinions/07-51820.pdf
voluntary
Chapter 11???????????
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- Small Business Bankruptcy Filing
- U.S. Courts
A corporate Chapter 11 filing means the company is seeking protection from creditors while reorganizing its business model and negotiating some changes in terms of its contracts with suppliers. If the Chapter 11 Plan does not work out (3 to 5 years is the term of a reorganization) ; then, the company will have to go to Chapter 7. In Chapter 7 the assets of the company are sold to satisfy some of the secured creditors.