CHAPTER 11 BUSINESS RESTRUCTURING
The cost of a chapter 11 case typically makes it a place where only businesses (or individuals with larger sole proprietor businesses) file. Attorney’s fees, court costs, and out of pocket expenses typically run into the tens of thousands and for cases on the larger side will run into six figures. Chapter 11 is designed to allow a business to restructure its debt and reorganize its operations. That being said, it is neither limited to businesses, nor to reorganizations. These days, many companies elect to liquidate in chapter 11 because it provides a very orderly and efficient forum for shutting down a business. In Kansas, many individuals file chapter 11 because it contains no debt limitations, more flexible debt repayment options, and allows the debtor to retain possession of all property while directing the course of the bankruptcy. Chapter 11 is the only place where a business entity may receive a bankruptcy discharge. Corporate discharges are limited to reorganizations with confirmed chapter 11 plans. Chapter 11 cases are the most adaptable of all bankruptcy cases and may last between a month and 20 years!.
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