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Frequently Asked Questions

What is the bankruptcy means test?

The bankruptcy means test clarifies if you are eligible for Chapter 7 bankruptcy or if you are limited to Chapter 13. There are exceptions where you are not required to pass the means test. Filing the application can be confusing and complicated so having a good lawyer by your side is highly recommended.

What is a Chapter 11 bankruptcy?

A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

What is section 1107 of the Bankruptcy Code?

Section 1107 of the Bankruptcy Code places the debtor in possession in the position of a fiduciary, with the rights and powers of a chapter 11 trustee, and it requires the debtor to perform of all but the investigative functions and duties of a trustee.

What is a Chapter 11 plan of reorganization?

A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy.

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