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Simple English definitions for legal terms

Chapter 11 bankruptcy

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A quick definition of Chapter 11 bankruptcy:

Chapter 11 bankruptcy is a way for companies or individuals who owe a lot of money to reorganize their debts and come up with a plan to pay them back. It's different from Chapter 7 bankruptcy, which is when a company or individual sells off all their assets to pay back creditors. In Chapter 11, the goal is to keep the company or individual operating and paying back debts over time. This is usually done when the company or individual has temporary financial problems and can eventually get back on track. A bankruptcy judge has to approve the plan, and creditors have to agree that they'll get at least as much money as they would if the company or individual sold off all their assets.

A more thorough explanation:

Chapter 11 bankruptcy is a legal process that allows businesses and individuals to reorganize their debts and assets in order to become financially stable again. It is different from Chapter 7 bankruptcy, which involves liquidating assets to pay off debts.

The main goal of Chapter 11 bankruptcy is to create a plan that will allow the debtor to continue operating their business or personal finances while paying off their debts over time. This plan is a contract between the debtor and their creditors, and it governs their rights and obligations.

Examples of companies that have filed for Chapter 11 bankruptcy include Lehman Brothers, General Motors, and Kmart. Individuals can also file for Chapter 11 bankruptcy if their debt exceeds the limit for Chapter 13 bankruptcy.

When a debtor files for Chapter 11 bankruptcy, they must provide information about their assets, liabilities, income, and expenses. This information is used to create a bankruptcy estate, which includes all of the debtor's property at the time of filing.

The reorganization plan is the most important part of Chapter 11 bankruptcy. It outlines how the debtor will pay off their debts over time, and it must be approved by the bankruptcy court and the creditors. The goal of the plan is to allow the debtor to continue operating their business or personal finances while paying off their debts.

Overall, Chapter 11 bankruptcy is a way for businesses and individuals to reorganize their finances and become financially stable again. It allows them to continue operating while paying off their debts over time, and it is an important tool for those who are struggling financially.

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TiredOfThisGrandpa
13:15
You'll forever have those days where shit ain't getting done. Just a matter of how you handle them. (IE using Chatgpt to draft a motion for leave like meeeee)
NosyBeagle
13:52
look at my lawyer dawg... im going to jail
TiredOfThisGrandpa
13:55
Nah, I don't use it to do my case law. Just the actual motion drafting.
TiredOfThisGrandpa
14:05
For example, I was trying to get the right language in a Motion for Sanctions (tl;dr slip and fall case, defense counsel played nothing but games – IE never sending records despite it being mandatory to trcp, producing never before seen records DURING A DEPO) and just talked to ChatGPT about his behavior to provide background to help with the drafting for the procedural paragraph.
legallybrunettelily
14:05
@NosyBeagle: just makes me think of vanillamace
RasheedWallaceFan
14:43
@TiredOfThisGrandpa: I dont have LSD+ so cant dm but will def hit you up when I have them done! Also is ur username a reference to holes? lol
PremiumFrequentCrane
15:15
Can i get accommodations for mid test 2 hour nap
PremiumFrequentCrane
15:16
I mean, i have sadhd
NemoPropheta
15:34
you could get accommodations for the schizoaffective disorder you clearly have
NosyBeagle
15:53
a two hour nap in between sections would be great for me
ronniedoeslaw
15:58
LSAT isn’t horrible you just have to lock in really hard for 2 hours and expect to be exhausted the rest of the day mentally
bigfatsloth
16:30
ugh i hit this lady w my car
bigfatsloth
16:31
well i hit her car and the cops said there's no damage but she says there is should i call my insurance what u think lawyers
VersedHugeDog
16:38
real quick question. How much do early applications matter? I have super strong softs and an ok LSAT score of 160. GPA wasn't great at 3.33. I applied in late march and I have been rejected everywhere so far
NemoPropheta
16:58
late march is way too late
NemoPropheta
16:58
early doesn’t matter but before thanksgiving matters
ronniedoeslaw
16:59
Have you used the LSAC search for schools link? It helps a lot letting you know the probability of acceptance.
RasheedWallaceFan
17:10
I mean early early might be overblown but dont apply if you are applying in march
NimbleFanaticalBat
19:37
does anyone know how many questions they typically ask for the UT recorded interview
Callmylawyer
20:21
has anyone been accepted off of the waitlist for New England yet?
ronniedoeslaw
20:36
No yet for me, I was waitlisted on Monday
ronniedoeslaw
20:36
Not *
Ass-Eater-42069
1:33
[deleted by esoterica]
DivergentBoundlessHuman
9:35
don't be a dick bro
ronniedoeslaw
14:19
Foreal
ronniedoeslaw
14:20
The name says it all lol
ParaamShinde
12:58
Hello. To the gooners that have been on this site for 2+ years, you might remember me, or you might not. I was a high school freshman back then asking for advice (obvi pretty dumb at that age), and now I am a junior going to apply to colleges this summer. I had a few questions for the T14 law students here.
ParaamShinde
13:01
1. Does major matter in law school admissions? I want to go into corporate and/or IP law, so I'm thinking about majoring in Finance at some schools and Political Science at others, depending on which is stronger. I want a good job outlook in case I change my mind in the process, I'm pretty young after all. 2. To the T14 KJD admits: Give me your best advice. I want to get into T14 law schools, and similar to college admissions into undergrad, I wish I knew a lot of stuff earlier. What are some things you can tell me that can increase my chances of admission significantly?
ParaamShinde
13:03
3. How important is the undergrad program you go into? Will it help you in law school admissions and/or job placement and networking?
ParaamShinde
13:05
4. My most important question: Think back to when you were 17 (my age). If there was something you wish you knew then, what would it be? This can be anything. I don't have many people around me that go into law (everyone either goes into business or CS/engineering), so your advice is valued and highly-regarded by me.
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