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What is Chapter 11, or re-organization bankruptcy?

Our Professional Answer

Chapter 11 is for high-net-worth individuals or for businesses, small and large, that need to reorganize their debts. In chapter 11, you gain a strong bargaining position with your creditors and your banks. The idea of a chapter 11 reorganization plan is one where everybody gives and takes a little, but in the end, the business and the high-net-worth individual is able to go through bankruptcy, pay some of their debts and come out the other end without having to liquidate.