Chap. 11 Bankruptcy

Chapter 11 bankruptcy is a legal process that allows businesses or individuals to reorganize their debts while continuing to operate. It provides a way for them to restructure their finances, develop a plan to repay creditors over time, and potentially emerge stronger. During this process, the debtor typically retains control of their business operations, but they must work under the oversight of the bankruptcy court. This type of bankruptcy is often used by companies facing financial difficulties but wanting to avoid liquidation and maintain jobs and services.