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Summary: Chapter 11 bankruptcy is typically a corporate re-organization case in which the corporation identifies the creditors in order to file a disclosure statement, which identifies the financial history of the debtor. Seek legal counsel and learn more about Chapter 11 bankruptcy with information from a lawyer in this free video on bankruptcy.
Andy Forman, Attorney at Law, has been in bankruptcy representation for over two decades and has lead council in over 3,000 bankruptcy cases. Forman is a member of the Florida Bar and...read more
"You are considering filing bankruptcy and you have heard of Chapter 11. Should I file a Chapter 11? My name is Andy Forman and I'm a Consumer and Business Bankruptcy Lawyer in Tampa, Florida and I help give advice to people day in and day out about which bankruptcy they should file. Chapter 11 is typically a corporate reorganization. It can be used by individuals whose debt exceeds the allowable amounts of Chapter 13 but it is usually not very effective for individuals for a host of complex reasons. In Chapter 11 the corporation identifies the creditors and groups them in what are called classes. The Chapter 11 debtor files a disclosure statement which identifies the history of the debtor and provides financial information and it also provides for a plan of reorganization and in that plan there are the classes that we have identified and each class is treated differently. Some classes are taxes, secured creditors and priority claims. Each of those classes are addressed and dealt with in the plan of reorganization. At some point your creditors will vote on that plan and either approve it or reject it. You'll need to seek legal counsel to get good advice in this area. My name is Andy Forman. Good luck with your Chapter 11 bankruptcy."
eHow Article: What Is Chapter 11 Bankruptcy?