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Debtors in Chapter 11 have the right to file a reorganization plan for the first 120 after filing the case, which must include a disclosure statement to creditors with enough information to help them evaluate the plan.
Under Chapter 11, the debtor may trim its debts through a combination of repaying some debts and discharging others entirely.
Most people have heard the term "bankruptcy" and understand that it has something to do with being broke.
The good news is that you don't need to learn about this on your own.See Find Law's Bankruptcy Basics section for additional articles and resources.Bankruptcy: Origins and Background Several early attempts at creating universal bankruptcy rules, beginning in 1800, were amended and eventually repealed until passage of the so-called "Nelson Act" in 1898. Each bankruptcy court also has its own local rules. has its own bankruptcy court, while each state has at least one district (90 districts total).The plan may be for as long as three years for Chapter 12 filings, and up to five years with court approval.
The trustee in Chapter 12 cases functions similarly to a trustee in Chapter 13.
Chapter 13 Chapter 13 Bankruptcy is titled "Adjustment of Debts of an Individual with Regular Income." Unlike Chapter 7, Chapter 13 is best suited to debtors with regular income.