Most people assume bankruptcy means liquidating all a debtor´s nonexempt assets and distributing the proceeds among creditors. But the bankruptcy laws also provide for rehabilitating the debtor. Chapter 11 allows a debtor to enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured so as to allow the debtor to continue business operation.
Organization |
University of Minnesota Extension |
Publisher |
University of Minnesota |
Publication Views |
2706 |
Material Type |
Written Material |