March                 Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area     Information Overview                                                           Resource Center   Search Bankruptcy Law Firms resources in our exclusive resource center                   Filing Chapter Reorganization   A case as filing chapter reorganization of the United States Bankruptcy Code is frequently referred to as a reorganization bankruptcy While individuals are not precluded from using chapter it is more typically used to reorganize a business which may be a corporation sole proprietorship or partnership Under Chapter – This is used mostly by businesses In chapter you may continue to operate your business but your creditors and the court must approve a plan to repay your debts There is no trustee unless the judge decides that one is necessary; if a trustee is appointed the trustee takes control of your business and property Under the new Bankruptcy Act

Chapter Title United States Code From Wikipedia the free encyclopedia Jump to Chapter is a chapter of the United States which governs the process of reorganization under the laws of the In contrast governs the process of a liquidation bankruptcy Contents Definition When a troubled business decides that it is unable to service its debt or pay its creditors it can file with a federal bankruptcy court for bankruptcy protection under either or Chapter A Chapter filing means that the business intends to sell all its assets distribute the proceeds to its creditors and then cease operations A Chapter filing on the other hand is an attempt to stay in business while a bankruptcy supervises the reorganization of the company's and obligations The court can grant complete or partial relief from most of the company's debts and its contracts so that the company can make a fresh start Often if the company's debts exceed its assets then at the completion of bankruptcy the company's owners all end up with nothing †all their rights and interests are terminated †and the company's creditors end up with ownership of the newly reorganized company in the hopes that it will eventually succeed

          Chapter Reorganization An Overview Who can use Chapter ? This Chapter of the Bankruptcy Code is available to a business suffering severe financial difficulty but that can be viable if its debt repayments can be reduced or postponed The business can be a corporation partnership or sole proprietorship Chapter can also be used to liquidate the assets of the business and pay the creditors from the realization A chapter liquidation often will obtain a greater realization for the creditors than a Chapter bankruptcy Fast Tracking for Small Businesses A small business can elect to be treated as a small business The case is then put on a fast track and is treated differently than a regular Chapter case A separate hearing to approve the is not mandatory It may be combined with the ; The appointment of a is not mandatory The debtor has a shortened period of time within which only the debtor may file a plan; After the day period expires any party in interest may file a plan however all plans must be filed within days from the date of the order for relief; How it Works Automatic Stay The business

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