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CHAPTER 11 Bankruptcy Relief

When filing for bankruptcy, you should choose the kind of bankruptcy that best suits your needs. It is important you understand that the names by which a bankruptcy case is called such as Chapter 7, Chapter 11, Chapter 12, and Chapter 13 refer to the chapter in which the type or method of bankruptcy is found within the United States Bankruptcy Code.

A Chapter 11 case is called a "Reorganization Bankruptcy." It is mostly used by business organizations such as Corporation, Limited Liability Companies, Partnerships, and Sole Proprietorships.  In a Chapter 11 case, the debtor may continue to operate his business, but the creditors and the court must approve a plan to repay the Debtor’s debts.  There is no trustee unless the Judge decides that one is necessary.  If a trustee is appointed, the trustee takes control of the debtor’s business and property.  The Debtor receives a discharge extent provided in his Chapter 11 plan.  The initial retainer for attorney’s fees is generally $10,000.00 for this type of bankruptcy and the court filing fee is $1,039.00.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.






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