Chapter 11 Business Bankruptcy
Chapter 11 Business Bankruptcy is a legal process by which a business may declare bankruptcy but continue to operate the business under supervision. This process is called “reorganization,” because the bankruptcy process reorganizes the business to be more efficient and to be able to pay the creditors of the business. It’s kind of like getting a “reboot” for your business, to bring new life into it. Chapter 11 is available to any type of business, including sole proprietorships, Limited Liability Companies (LLCs), and corporations....