Bankruptcy Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! AdvancedSpecial charactersHelpHeadingLevel 2Level 3Level 4Level 5FormatInsertLatinLatin extendedIPASymbolsGreekGreek extendedCyrillicArabicArabic extendedHebrewBanglaTamilTeluguSinhalaDevanagariGujaratiThaiLaoKhmerCanadian AboriginalRunesÁáÀàÂâÄäÃãǍǎĀāĂ㥹ÅåĆćĈĉÇçČčĊċĐđĎďÉéÈèÊêËëĚěĒēĔĕĖėĘęĜĝĢģĞğĠġĤĥĦħÍíÌìÎîÏïĨĩǏǐĪīĬĭİıĮįĴĵĶķĹĺĻļĽľŁłŃńÑñŅņŇňÓóÒòÔôÖöÕõǑǒŌōŎŏǪǫŐőŔŕŖŗŘřŚśŜŝŞşŠšȘșȚțŤťÚúÙùÛûÜüŨũŮůǓǔŪūǖǘǚǜŬŭŲųŰűŴŵÝýŶŷŸÿȲȳŹźŽžŻżÆæǢǣØøŒœßÐðÞþƏəFormattingLinksHeadingsListsFilesDiscussionReferencesDescriptionWhat you typeWhat you getItalic''Italic text''Italic textBold'''Bold text'''Bold textBold & italic'''''Bold & italic text'''''Bold & italic textDescriptionWhat you typeWhat you getReferencePage text.<ref>[https://www.example.org/ Link text], additional text.</ref>Page text.[1]Named referencePage text.<ref name="test">[https://www.example.org/ Link text]</ref>Page text.[2]Additional use of the same referencePage text.<ref name="test" />Page text.[2]Display references<references />↑ Link text, additional text.↑ Link text=====Chapter 11===== {{main|Chapter 11, Title 11, United States Code}} In Chapter 11 bankruptcy, the debtor retains ownership and control of assets and is re-termed a [[debtor in possession]] (DIP).<ref>{{cite web|title=11 U.S. Code § 1101 - Definitions for this chapter|url=https://www.law.cornell.edu/uscode/text/11/1101|website=Legal Information Institute|publisher=Cornell Law School|access-date=19 October 2017|url-status=live|archive-url=https://web.archive.org/web/20171019221324/https://www.law.cornell.edu/uscode/text/11/1101|archive-date=19 October 2017}}</ref> The debtor in possession runs the day-to-day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g., fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan.<ref>{{cite web|title=11 U.S. Code § 1126 - Acceptance of plan|url=https://www.law.cornell.edu/uscode/text/11/1126|website=Legal Information Institute|publisher=Cornell Law School|access-date=19 October 2017|url-status=live|archive-url=https://web.archive.org/web/20171019220225/https://www.law.cornell.edu/uscode/text/11/1126|archive-date=19 October 2017}}</ref> If a plan is confirmed, the debtor continues to operate and pay debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court in order to confirm the plan. Debtors filing for Chapter 11 protection a second time are known informally as "Chapter 22" filers.<ref>{{Cite news|url=https://www.wsj.com/articles/SB10001424052970204124204577151211961572458|title=Twinkies Maker Preparing for Chapter 11 Filing|work=The Wall Street Journal|date=January 10, 2012|first1=Mike|last1=Spector|first2=Julie|last2=Jargon|url-status=live|archive-url=https://web.archive.org/web/20170709060131/https://www.wsj.com/articles/SB10001424052970204124204577151211961572458|archive-date=July 9, 2017}}</ref> In a corporate or business bankruptcy, an indebted company is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, with potential for dispute over the valuation of the reorganized business.<ref>{{cite journal |last1=Dick |first1=Diane |title=Valuation in Chapter 11 Bankruptcy: The Dangers of an Implicit Market Test Market Test |journal=University of Illinois Law Review |date=2017 |volume=2017 |issue=4 |page=1487 |url=https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=1762&context=faculty |access-date=5 November 2020 |archive-date=21 March 2020 |archive-url=https://web.archive.org/web/20200321062248/https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=1762&context=faculty |url-status=live }}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page