US Bankruptcy Code Title 11
Filing for bankruptcy can be a daunting task. In order to properly file for bankruptcy, it is important to understand your options.
The US Bankrupcy Code,
Chapter 11 (referred to as Title 11), highlights an individual's options when filing for bankruptcy. This chapter allows individuals or companies to still operate, while a bankruptcy court supervises the individual or company's reorganization of debt obligations.
During an initial period of time, debtors are entitled to purposing individual plans for reorganization. Once this time period has passed, creditors may also purpose plans. Regardless of who purproses the plan, reorganization must satisfy a number of criteria by the bankruptcy court, as well as agreed to by creditors.