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Named after the U.S. bankruptcy code 11, corporations generally file Chapter 11 if they require time to restructure their debts. 3 This version of bankruptcy gives the debtor a fresh start. However, the terms are subject to the debtor's fulfillment of its obligations under the plan of reorganization.Should you consider a Chapter 11 bankruptcy?
If your business is currently struggling, you should consider Chapter 11 bankruptcy as a serious option. At Hong Law, PLC, our Cedar Rapids Chapter 11 bankruptcy lawyers know how difficult facing financial insecurity can be.What happens when a company files Chapter 11 bankruptcy?
When a company files Chapter 11, it usually intends to remain in business while it negotiates with creditors to reorganize its debt under the protection of the bankruptcy court. This means its actions must be approved by a bankruptcy judge.