Chapter 11 Bankruptcy
Chapter 11 is primarily for both small and large business such as LLC’s , as well as Partnerships and Corporations, providing a reorganization. In some cases Chapter 11 applies to individuals as well. Chapter 11 allows for the restructuring of debt load while providing a repayment plan which will allow the business or the individual to move forward with a more manageable debt repayment while accepting or rejecting leases, stopping IRS actions, and other collection efforts.
In a Chapter 11 bankruptcy case, the business will continue to operate in its ordinary course although it will be under the supervision of the court.