Chapter 11 At A Glance

Chapter 11 At A Glance

Chapter 11 At A Glance
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Chapter 11 At A Glance
With regard to Chapter 11 reorganization plans, a large number of people will not find any of its background information useful in the slightest. For the most part, Chapter 11 bankruptcy does not concern itself with liquidation of assets. Again, this is rather a primary concern of Chapter 7.
One particularly notable thing about the role of the debtor in Chapter 11 bankruptcy cases is that it is greatly expanded from that of other cases. While in all forms of bankruptcy one in debt is required to be an active participant regarding the implementation of one's plan, in the majority of Chapter 11 proceedings the "debtor in possession" is in charge of the duties for which an appointed trustee is usually responsible, namely preparing a list of owned properties, responding to creditor claims, and filing monthly operating reports. Though in many cases, conformation of a Chapter 11 bankruptcy reorganization plan is sufficient for discharge.

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