CHAPTER ELEVENS Meaning and
Definition
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Chapter Elevens refers to a specific section of the United States Bankruptcy Code, which is a federal law governing bankruptcy proceedings in the country. It is typically used as a shorthand term for Chapter 11 bankruptcy.
Chapter 11 bankruptcy is a form of reorganization bankruptcy primarily intended for businesses, but can also be used by individuals with significant debts. Under Chapter 11, a debtor is given an opportunity to reorganize their affairs and develop a plan to repay their creditors over time. This plan must be approved by the bankruptcy court and the creditors involved.
The goal of Chapter 11 is to enable the debtor to continue operating their business while restructuring their debts. During this process, a trustee is appointed to oversee and administer the bankruptcy estate. The debtor is allowed to remain in control of their assets and business operations, but significant financial decisions are subject to court approval.
Chapter 11 provides numerous benefits to debtors, such as the ability to renegotiate contracts, terminate or modify leases, and reduce debt obligations. It also provides an automatic stay, which halts collection efforts by creditors and prevents any legal actions from being taken against the debtor.
Overall, Chapter 11 bankruptcy is a complex legal process designed to provide a chance for debtors to reorganize their financial affairs and repay their debts in a manageable manner, ultimately aiming to facilitate the survival and continuation of the business.
Common Misspellings for CHAPTER ELEVENS
- xhapter elevens
- vhapter elevens
- fhapter elevens
- dhapter elevens
- cgapter elevens
- cbapter elevens
- cnapter elevens
- cjapter elevens
- cuapter elevens
- cyapter elevens
- chzpter elevens
- chspter elevens
- chwpter elevens
- chqpter elevens
- chaoter elevens
- chalter elevens
- cha-ter elevens
- cha0ter elevens
- chaprer elevens
- chapfer elevens
Etymology of CHAPTER ELEVENS
The term "chapter elevens" refers to Chapter 11 of the United States Bankruptcy Code, which outlines the laws and procedures governing reorganization bankruptcy. The etymology of the phrase does not involve a historical origin of the words but rather references the specific chapter within the legal framework.
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