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What is Chapter 11 bankruptcy?

Chapter 11 bankruptcy is a form of bankruptcy that is predominately used by corporations, although it is also available to individuals. Other forms of business bankruptcy force a business to cease operations. One benefit of Chapter 11 bankruptcy is that, in most cases, the business may continue to operate during court processes. If you are granted Chapter 11 bankruptcy, as a business owner you will be allowed to oversee the restructuring of your company. Another benefit of Chapter 11 bankruptcy is that all creditors must cease collection once the paperwork is approved. This allows you to focus on getting your business back on track financially. An experienced bankruptcy lawyer can help you understand the process of filing for Chapter 11 bankruptcy.

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