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Simple English definitions for legal terms

Chapter 11 bankruptcy

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A quick definition of Chapter 11 bankruptcy:

Chapter 11 bankruptcy is a way for companies or individuals who owe a lot of money to reorganize their debts and come up with a plan to pay them back. It's different from Chapter 7 bankruptcy, which is when a company or individual sells off all their assets to pay back creditors. In Chapter 11, the goal is to keep the company or individual operating and paying back debts over time. This is usually done when the company or individual has temporary financial problems and can eventually get back on track. A bankruptcy judge has to approve the plan, and creditors have to agree that they'll get at least as much money as they would if the company or individual sold off all their assets.

A more thorough explanation:

Chapter 11 bankruptcy is a legal process that allows businesses and individuals to reorganize their debts and assets in order to become financially stable again. It is different from Chapter 7 bankruptcy, which involves liquidating assets to pay off debts.

The main goal of Chapter 11 bankruptcy is to create a plan that will allow the debtor to continue operating their business or personal finances while paying off their debts over time. This plan is a contract between the debtor and their creditors, and it governs their rights and obligations.

Examples of companies that have filed for Chapter 11 bankruptcy include Lehman Brothers, General Motors, and Kmart. Individuals can also file for Chapter 11 bankruptcy if their debt exceeds the limit for Chapter 13 bankruptcy.

When a debtor files for Chapter 11 bankruptcy, they must provide information about their assets, liabilities, income, and expenses. This information is used to create a bankruptcy estate, which includes all of the debtor's property at the time of filing.

The reorganization plan is the most important part of Chapter 11 bankruptcy. It outlines how the debtor will pay off their debts over time, and it must be approved by the bankruptcy court and the creditors. The goal of the plan is to allow the debtor to continue operating their business or personal finances while paying off their debts.

Overall, Chapter 11 bankruptcy is a way for businesses and individuals to reorganize their finances and become financially stable again. It allows them to continue operating while paying off their debts over time, and it is an important tool for those who are struggling financially.

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TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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