Chapter 11 reorganization, also called liquidation bankruptcy, is filed by businesses like corporations and partnerships or individuals who owe more than approximately $1.1 million dollars of debt.
What’s the difference between Chapter 7 and Chapter 11 Bankruptcy? Chapter 11 reorganization helps keep businesses afloat while they reorganize their debts and come up with a repayment plan, hence reorganization. Chapter 11 could be beneficial to a company because it allows for the reorganization of debt so that the business can reemerge as a healthy entity.
Benefits of chapter 11 Bankruptcy:
Adjustment of interest rates
Protect creditors from harassment
Assume or reject unexpired leases or contracts that are deemed unprofitable
Cure defaulted obligations like lease or mortgage
Sell property free and clear of liens and interest
Call Chapter 11 Bankruptcy Orlando Bankruptcy Lawyers for a
Free Consultation. 407-412-7041.