{"id":286894,"date":"2021-01-27T09:17:43","date_gmt":"2021-01-27T14:17:43","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/bankruptcy\/business-bankruptcy\/chapter-11-bankruptcy.html"},"modified":"2024-11-18T09:50:00","modified_gmt":"2024-11-18T14:50:00","slug":"chapter-11-bankruptcy","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/business-bankruptcy\/chapter-11-bankruptcy.html","title":{"rendered":"Chapter 11 Bankruptcy"},"content":{"rendered":"\n<div class=\"wp-container-core-columns-is-layout-9d6595d7 fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30\">\n    \n    <div class=\"fl-page-articles fl-section-main fl-section-main-full-width\">\n        <h1 class=\"fl-no-margin-top\">Chapter 11 Bankruptcy<\/h1>\n<section class=\"fl-gutenberg-byline\">\n    <div class=\"fl-gutenberg-byline-content\">\n                    By <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/amy-vandervort-clark-j-d\/\">Amy Vandervort-Clark, J.D.<\/a> | Legally reviewed by <a\n                href=\"https:\/\/www.findlaw.com\/company\/our-team\/susan-richmond-esq\/\">Susan Mills Richmond, Esq.<\/a>\n                | Last updated\n        <time>\n                            November 18, 2024\n                    <\/time>\n    <\/div>\n\n    \n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-legally-reviewed\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Legally Reviewed\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>This article has been written and reviewed for legal accuracy, clarity, and style by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\">FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with <a href=\"https:\/\/www.findlaw.com\/company\/company-history\/editorial-policy.html\">our editorial standards<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n\n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-fast-checked\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Fact-Checked\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>The last updated date refers to the last time this article was reviewed by FindLaw or one of our <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/contributing-authors.html\">contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please <a href=\"https:\/\/lawyers.findlaw.com\/?fli=bylinelink\" target=\"_blank\" rel=\"noopener\">contact an attorney in your area<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n<\/section>\n<p>Chapter 11 bankruptcy is a legal process that allows businesses to reorganize their debts while continuing operations. When a company files for Chapter 11, it aims to create a repayment plan that satisfies creditors and enables the business to recover financially. During this period, the company operates as a \u201cdebtor in possession\u201d (DIP), maintaining control of its operations under court supervision.<\/p>\n<p>Creditors owed money by the company must wait for the <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/closing-a-business\/how-to-restructure-or-reorganize-a-company.html\" title=\"reorganization plan\">reorganization plan<\/a> to be approved by the court, which may involve renegotiating debts or receiving partial repayments. Companies that file for Chapter 11 under the&nbsp;<a href=\"https:\/\/codes.findlaw.com\/us\/title-11-bankruptcy\/\" target=\"_blank\" rel=\"noopener\">U.S. Bankruptcy Code<\/a>&nbsp;work with creditors to reorganize their debts and restructure their businesses.<\/p>\n<p>Creditors are often grouped into classes based on their claims, and priority is given to certain debts like taxes and employee wages. If the reorganization fails, the case can be converted to <a href=\"https:\/\/www.findlaw.com\/bankruptcy\/chapter-7.html\/\" title=\"Chapter 7 bankruptcy\">Chapter 7 bankruptcy<\/a>, requiring liquidation of assets. The outcome for creditors depends on successfully executing the reorganization plan and the company&#8217;s ability to regain profitability.<\/p>\n<p>The company files a proposed plan post-bankruptcy, which may include:<\/p>\n<ul>\n<li><p>Reducing costs<\/p>\n<\/li>\n<li><p>Seeking new sources of income<\/p>\n<\/li>\n<li><p>Temporarily postponing payment to creditors<\/p>\n<\/li>\n<li><p>Ideas for profitability<\/p>\n<\/li>\n<\/ul>\n<p>This type of bankruptcy can be filed by the business voluntarily or involuntarily when forced by creditors. The process often takes several years to complete.<\/p>\n<h2><b>Chapter 11 Bankruptcy: Process, Purpose, and Impact on Business Operations&quot;<\/b><\/h2>\n<p>Large corporations and partnerships use <a href=\"https:\/\/www.uscourts.gov\/services-forms\/bankruptcy\/bankruptcy-basics\/chapter-11-bankruptcy-basics\" target=\"_blank\" rel=\"noopener\">Chapter 11 bankruptcy<\/a>. Bed Bath &amp; Beyond filed for Chapter 11 bankruptcy in April 2023, hoping to salvage its faltering business if it could find a buyer. Since then, the retailer has closed all of its physical stores and operates only through its website. In addition, its subsidiary company, BuyBuyBaby, also closed before being bought by a competitor.&nbsp;What&nbsp;does all that mean for creditors owed money by Bed Bath &amp; Beyond?<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/bankruptcy.html\">Bankruptcy<\/a>&nbsp;is a legal process that relieves the debt of individuals and businesses. There are two types of bankruptcy: liquidation and reorganization. Chapter 7 liquidation corporate bankruptcy sells all the debtor&#8217;s assets to pay off its debts.<\/p>\n<p>However, small businesses and, in rare cases, even individuals are eligible. Chapter 11 allows an insolvent company to restructure its debts and liabilities by creating a manageable reorganization and&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy\/chapter-13\/repayment-plan.html\">repayment plan<\/a>. Once the bankruptcy petition gets filed, the owner becomes the debtor in possession of the business and can continue operations.<\/p>\n<p>To supervise the bankruptcy proceedings, the court assigns a U.S. Trustee. While the owner can operate the business as usual, it needs court approval to take out new loans, sell assets, or close the business.<\/p>\n<p>A detailed disclosure statement and a plan of reorganization are filed with the court. Creditors may vote to accept or reject this plan.<\/p>\n<h2><b>Benefits of Chapter 11 Bankruptcy<\/b><\/h2>\n<p>Chapter 11 bankruptcy restructuring has some key benefits. It:<\/p>\n<ul>\n<li><p>Avoids total liquidation of the business<\/p>\n<\/li>\n<li><p>Your business can stay in operation<\/p>\n<\/li>\n<li><p>Provides more time to develop and file a plan<\/p>\n<\/li>\n<li><p>Allows reorganizing of things that are not working<\/p>\n<\/li>\n<li><p>Allows you to retain control of your business<\/p>\n<\/li>\n<\/ul>\n<h2><b>Chapter 11 Compared to Other Chapters<\/b><\/h2>\n<p>Businesses that must&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy.html\">declare bankruptcy<\/a>&nbsp;and close shop should consider filing for&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy\/chapter-7.html\">Chapter 7 bankruptcy<\/a>&nbsp;rather than continuing to operate.<\/p>\n<p>Another type of lesser-known bankruptcy case is&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy\/business-bankruptcy\/chapter-12-bankruptcy.html\">Chapter 12<\/a>. This class of bankruptcy is for individuals who are family farmers or fishermen.<\/p>\n<p>You don&#8217;t have to be a business to file&nbsp;for Chapter 7 or Chapter 13 bankruptcy. These are the most common bankruptcy filings for individuals and some companies in specific circumstances.<\/p>\n<h2><b>Who Can File: Owners vs. Creditors<\/b><\/h2>\n<p>The business owner in debt or its creditors can file for Chapter 11 bankruptcy. If the creditors decide to file, it is an involuntary petition.<\/p>\n<p>No matter which party files the petition, the business goes through the bankruptcy process.<\/p>\n<h2><b>Filing a Chapter 11 Petition<\/b><\/h2>\n<p>You can file the voluntary petition process with an attorney or by yourself. The debtor then begins to develop their reorganization plan.<\/p>\n<p>The bankruptcy court will accept a reorganization plan if it is:<\/p>\n<ul>\n<li><p>Developed and structured&nbsp;in good faith. This means the owners created it&nbsp;with good, honest intentions. Courts will review all the paperwork in the case to determine if you had good or bad faith.<\/p>\n<\/li>\n<li><p>In compliance with all applicable laws, local laws, court orders, Bankruptcy Code, reformed laws, Bankruptcy Rules, and all current temporary laws<\/p>\n<\/li>\n<\/ul>\n<p>Once approved, the court will confirm the plan. Any debts that existed before the confirmation date but were not&nbsp;addressed in the plan are eligible for discharge. The company must pay the remaining creditors and lenders following the reorganization plan.<\/p>\n<p>Some debt is either discharged or negotiated to be less money. This allows repayment plan amounts to be much lower than the original debt.<\/p>\n<p>The debtor will need to:<\/p>\n<ul>\n<li><p>Examine each creditor&#8217;s claims throughout the process<\/p>\n<\/li>\n<li><p>Make objections where it makes sense<\/p>\n<\/li>\n<li><p>Provide monthly operating reports to keep the court updated on progress<\/p>\n<\/li>\n<\/ul>\n<p>After filing the petition, the business can continue its day-to-day work. While it does so without interruption, the debtor will create a repayment plan under the bankruptcy court&#8217;s supervision.<\/p>\n<h2><b>Chapter 11 Filing Fees and Administrative Fees<\/b><\/h2>\n<p>As of 2024, you will pay a&nbsp;<a href=\"https:\/\/www.uscourts.gov\/services-forms\/fees\/bankruptcy-court-miscellaneous-fee-schedule\" target=\"_blank\" rel=\"noopener\">$571 administration fee and a $1,167 case filing fee<\/a>&nbsp;to file a Chapter 11 bankruptcy. With the court&#8217;s permission, the fees are eligible for installment payments.<\/p>\n<p>If you ask to divide a joint case, such as two business owners filing separately, you will pay another $571 in administration fees. Then, you will pay $1,167 to file the new motion with divided cases. It costs $1,167 to reopen a dismissed case.<\/p>\n<h2><b>Required Information To Submit When Filing Chapter 11<\/b><\/h2>\n<p>Small businesses must file the following forms with the court:<\/p>\n<ul>\n<li><p>The most recent balance sheet<\/p>\n<\/li>\n<li><p>Statement of operations<\/p>\n<\/li>\n<li><p>Cash-flow statement<\/p>\n<\/li>\n<li><p>Most recent federal income tax return<\/p>\n<\/li>\n<\/ul>\n<p>The bankruptcy court oversees more small business Chapter 11 filings than larger entities. Courts require businesses to report on their profitability and projected cash receipts and disbursements. They also appoint U.S. bankruptcy trustees to these cases.<\/p>\n<h2><b>The&nbsp;Automatic Stay<\/b><\/h2>\n<p>Filing a petition&nbsp;triggers an&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy\/what-is-bankruptcy\/the-automatic-stay-stopping-creditors-with-bankruptcy.html\">automatic stay<\/a>, which stops all collection actions unless the court indicates otherwise. Creditors and collection agencies can no longer call or harass you. They must stop all actions to foreclose or enforce liens against the business. You will have time to create your plan of reorganization.<\/p>\n<p>Taking on any new debt will be outside of this bankruptcy. The automatic stay does not stop or dismiss new debt.<\/p>\n<h2><b>Chapter 11 Reorganization Plan 101<\/b><\/h2>\n<p>Chapter 11 bankruptcy protection allows businesses to attempt to&nbsp;become profitable again. Chapter 7 liquidates all assets to pay off debts and closes the business.<\/p>\n<p>To achieve this goal via Chapter 11, the company&#8217;s first moves are to:<\/p>\n<ul>\n<li><p>Renegotiate leases<\/p>\n<\/li>\n<li><p>Renegotiate contracts<\/p>\n<\/li>\n<li><p>Have debts discharged or&nbsp;pay part of them<\/p>\n<\/li>\n<\/ul>\n<p>You have an exclusive right to file a reorganization plan for 120 days. There is an incentive for creditors to work with the business owner,&nbsp;accept less debt repayment, and&nbsp;compromise. This is possible because they wouldn&#8217;t&nbsp;get better terms or more money in a Chapter 7 bankruptcy action.<\/p>\n<p>A&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy\/chapter-13\/chapter-13-reorganization-bankruptcy.html\">reorganization plan<\/a>&nbsp;will put creditors into different classes depending on how their claims are handled. The creditors with priority for repayment include:<\/p>\n<ul>\n<li><p>State and federal tax agencies<\/p>\n<\/li>\n<li><p>Employees owed wages<\/p>\n<\/li>\n<li><p>Stockholders<\/p>\n<\/li>\n<\/ul>\n<p>Each&nbsp;<a href=\"https:\/\/corporate.findlaw.com\/finance\/bankruptcy-and-the-secured-creditor.html\" target=\"_blank\" rel=\"noopener\">secured creditor<\/a>&nbsp;is its own class of creditors, while&nbsp;<a href=\"https:\/\/dictionary.findlaw.com\/definition\/unsecured-claim.html\" target=\"_blank\" rel=\"noopener\">unsecured claims<\/a>&nbsp;are in another class. The plan might change the money or terms creditors receive when repaying debts. Creditors vote on the reorganization plan, which is then submitted for approval by the court.<\/p>\n<h2><b>Creditors Committee<\/b><\/h2>\n<p>The U.S. Trustee will assign a creditor&#8217;s committee, usually comprised of the business&#8217;s seven largest unsecured creditors. The creditor&#8217;s committee assists in overseeing the company, investigating it, and developing a repayment and reorganization plan. Once developed, the reorganization plan is submitted to the court for confirmation.<\/p>\n<h2><b>Chapter 11 for Small Businesses<\/b><\/h2>\n<p>Chapter 11 bankruptcy reorganization is commonly associated with larger corporations but is available to qualifying small businesses.<\/p>\n<p>The Small Business Administration defines a&nbsp;small business&nbsp;as one with fewer than 500 employees. Small businesses make up most of the Chapter 11 filings but don&#8217;t always remain in Chapter 11.<\/p>\n<p>Small business Chapter 11 bankruptcies often get dismissed and converted to Chapter 7. This often occurs&nbsp;because the U.S. court decides the company has little or no chance of becoming profitable. Partnerships have very few bankruptcy options. A partnership may file for Chapter 11 if the business entity survives and profits.<\/p>\n<p>According to the U.S. Bankruptcy Code, a&nbsp;small business debtor&nbsp;is an individual engaged in business activities with total secured and unsecured debts of $3,024,725.<\/p>\n<p>Note:&nbsp;The&nbsp;<a href=\"https:\/\/www.findlaw.com\/coronavirus-laws.html\">COVID-19<\/a>&nbsp;pandemic&nbsp;<a href=\"https:\/\/home.treasury.gov\/policy-issues\/cares\" target=\"_blank\" rel=\"noopener\">CARES Act<\/a>&nbsp;raises this debt limit to $7.5 million. This increased limit is set to expire in June 2024 but is eligible for an extension.<\/p>\n<h3><b>Subchapter V for Fast-Paced Small Business Bankruptcy<\/b><\/h3>\n<p>In February 2020, the&nbsp;<a href=\"https:\/\/www.justice.gov\/ust\/subchapter-v\" target=\"_blank\" rel=\"noopener\">Small Business Reorganization Act of 2019<\/a>&nbsp;(SBRA) created&nbsp;<a href=\"https:\/\/www.findlaw.com\/bankruptcy\/business-bankruptcy\/subchapter-5-in-chapter-11-bankruptcy.html\">subchapter V<\/a>&nbsp;for small business owners. This may help business owners facing the aftermath of the pandemic.<\/p>\n<p>This process moves faster and is cheaper than a standard Chapter 11. It uses a private bankruptcy trustee to help you create and approve a consensual reorganization plan. Creditors cannot vote on the plan, which saves you a lot of time. As long as the plan is fair and equitable, the court should approve it.<\/p>\n<p>You can file for this new option if you:<\/p>\n<ul>\n<li><p>Meet the usual Chapter 11 requirements<\/p>\n<\/li>\n<li><p>Approve the courts having conferences on your case&#8217;s status in the first 60 days of the case. You must provide a status report for their review 14 days before their meeting.<\/p>\n<\/li>\n<li><p>File the reorganization plan within 90 days of filing for bankruptcy<\/p>\n<\/li>\n<li><p>Can move quickly on timing and paperwork<\/p>\n<\/li>\n<li><p>Choose to file for it<\/p>\n<\/li>\n<\/ul>\n<p>Otherwise, you will go through the usual Chapter 11 process.<\/p>\n<p>This subchapter might make sense for you if you want:<\/p>\n<ul>\n<li><p>A private trustee&#8217;s help to create the bankruptcy plan<\/p>\n<\/li>\n<li><p>To avoid paying&nbsp;fees each quarter&nbsp;to the trustee<\/p>\n<\/li>\n<li><p>More control in negotiating your reorganization<\/p>\n<\/li>\n<\/ul>\n<p>This subchapter has other requirements and details, so it is important to learn about it in more detail or ask your bankruptcy attorney.<\/p>\n<h3><b>Single Asset Real Estate (SARE) Debtors<\/b><\/h3>\n<p>Small business&nbsp;<a href=\"https:\/\/corporate.findlaw.com\/contracts\/real\/\" target=\"_blank\" rel=\"noopener\">owners of real estate<\/a>&nbsp;can also file for Chapter 11. This often&nbsp;includes office buildings, warehouses, and shopping centers.<\/p>\n<p>This is a&nbsp;single-asset real estate case&nbsp;under Chapter 11. It involves debtors with:<\/p>\n<ul>\n<li><p>Non-residential property<\/p>\n<\/li>\n<li><p>Less than four residential units that generate almost&nbsp;all the debtor&#8217;s income<\/p>\n<\/li>\n<\/ul>\n<p>Those whose primary business is owning and operating real property are not eligible.<\/p>\n<h3><b>Downsides to Chapter 11 Bankruptcy for Small Businesses<\/b><\/h3>\n<p>If you own a small business, take the time to&nbsp;consider whether Chapter 11 is right for you.<\/p>\n<p>Chapter 11 gives small businesses extra time to create a plan, file it, and renegotiate repayment terms with their creditors. Chapter 11 allows&nbsp;180 days as opposed to&nbsp;15 days for Chapter 7.&nbsp;<\/p>\n<p>It also has its drawbacks.&nbsp;Legal fees can cost tens of thousands of dollars, which may be unsustainable for a struggling small business.<\/p>\n<p>If the emergence from bankruptcy protection proves successful, these costs are offset by the ultimate reward of becoming profitable. Before deciding, consider&nbsp;discussing&nbsp;your options with&nbsp;<a href=\"https:\/\/lawyers.findlaw.com\/bankruptcy-law\/?fli=dcta\" target=\"_blank\" rel=\"noopener\">a seasoned business bankruptcy attorney<\/a>.<\/p>\n<h2><b>Rare Cases: Chapter 11 for Individuals<\/b><\/h2>\n<p>Chapter 11 bankruptcy reorganization was designed&nbsp;for businesses. The 1991 U.S. Supreme Court case&nbsp;<a href=\"https:\/\/caselaw.findlaw.com\/us-supreme-court\/501\/157.html\" target=\"_blank\" rel=\"noopener\"><i>Toibb v. Radloff<\/i><\/a>&nbsp;decided that non-business, individual consumers are also eligible.<\/p>\n<p>This is very rare. This unusual route is&nbsp;pursued by individuals who:<\/p>\n<ul>\n<li><p>Still have substantial personal earning potential<\/p>\n<\/li>\n<li><p>Have debts exceeding the limits set forth by Chapter 7 and Chapter 13<\/p>\n<\/li>\n<\/ul>\n<p>A typical non-business Chapter 11 bankruptcy filer might be a celebrity who got in over their head with bad investments. They would&nbsp;still have earning potential through product endorsements, for example.<\/p>\n<p>Chapter 11 is more debtor-friendly than other types of bankruptcy, including the ability to&nbsp;cram down&nbsp;certain forms of debt. This means the court pushes through a plan over the objections of some creditors.<\/p>\n<h2><b>Talk to an Attorney About Chapter 11<\/b><\/h2>\n<p>Being in debt can be overwhelming, but bankruptcy may be an option to help with your debt woes. Your business might need the protection afforded by a Chapter 11 bankruptcy filing. You&#8217;ll&nbsp;need outside expertise for a smooth process. You&#8217;re taking a large risk if you&nbsp;go it alone.<\/p>\n<p>Bankruptcy laws are complex. If you&#8217;re considering bankruptcy, consult an&nbsp;<a href=\"https:\/\/lawyers.findlaw.com\/bankruptcy-law\/?fli=dcta\" target=\"_blank\" rel=\"noopener\">experienced bankruptcy attorney<\/a>&nbsp;who can explain your options based on your situation.<\/p>\n<div class=\"was-this-helpful\">\n    <div\n            class=\"was-this-helpful__question-container\"\n            aria-labelledby=\"was-this-helpful__question\"\n            role=\"group\"\n    >\n        <span\n                id=\"was-this-helpful__question\"\n                class=\"was-this-helpful__question fl-text-lg-bold\"\n        >Was this helpful?<\/span>\n        <button\n                class=\"was-this-helpful__button fl-text-sm\"\n                aria-label=\"Yes\"\n                value=\"yes\"\n        >\n            <span class=\"was-this-helpful__button-text fl-text-bold\">Yes<\/span>\n            <i class=\"was-this-helpful__button-icon\">\n                <svg width=\"22\" height=\"22\" viewBox=\"0 0 22 22\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <g id=\"thumbs-up\" clip-path=\"url(#clip0_604_3418)\">\n                        <path id=\"Vector\"\n                              d=\"M6 21H3C2.46957 21 1.96086 20.7893 1.58579 20.4142C1.21071 20.0391 1 19.5304 1 19V12C1 11.4696 1.21071 10.9609 1.58579 10.5858C1.96086 10.2107 2.46957 10 3 10H6M13 8V4C13 3.20435 12.6839 2.44129 12.1213 1.87868C11.5587 1.31607 10.7956 1 10 1L6 10V21H17.28C17.7623 21.0055 18.2304 20.8364 18.5979 20.524C18.9654 20.2116 19.2077 19.7769 19.28 19.3L20.66 10.3C20.7035 10.0134 20.6842 9.72068 20.6033 9.44225C20.5225 9.16382 20.3821 8.90629 20.1919 8.68751C20.0016 8.46873 19.7661 8.29393 19.5016 8.17522C19.2371 8.0565 18.9499 7.99672 18.66 8H13Z\"\n                              stroke=\"#666666\" stroke-width=\"2\" stroke-linecap=\"round\"\n                              stroke-linejoin=\"round\"><\/path>\n                    <\/g>\n                    <defs>\n                        <clipPath id=\"clip0_604_3418\">\n                            <rect width=\"22\" height=\"22\" fill=\"white\"><\/rect>\n                        <\/clipPath>\n                    <\/defs>\n                <\/svg>\n            <\/i>\n        <\/button>\n        <button\n                class=\"was-this-helpful__button fl-text-sm\"\n                aria-label=\"No\"\n                value=\"no\"\n        >\n            <span class=\"was-this-helpful__button-text fl-text-bold\">No<\/span>\n            <i class=\"was-this-helpful__button-icon\">\n                <svg width=\"22\" height=\"22\" viewBox=\"0 0 22 22\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <g id=\"thumbs-down\" clip-path=\"url(#clip0_604_3423)\">\n                        <path id=\"Vector\"\n                              d=\"M16 0.999995H18.67C19.236 0.989986 19.7859 1.18813 20.2154 1.55681C20.645 1.9255 20.9242 2.43905 21 3V10C20.9242 10.5609 20.645 11.0745 20.2154 11.4432C19.7859 11.8119 19.236 12.01 18.67 12H16M9.00003 14V18C9.00003 18.7956 9.3161 19.5587 9.87871 20.1213C10.4413 20.6839 11.2044 21 12 21L16 12V0.999995H4.72003C4.2377 0.994543 3.76965 1.16359 3.40212 1.47599C3.0346 1.78839 2.79235 2.22309 2.72003 2.7L1.34003 11.7C1.29652 11.9866 1.31586 12.2793 1.39669 12.5577C1.47753 12.8362 1.61793 13.0937 1.80817 13.3125C1.99842 13.5313 2.23395 13.7061 2.49846 13.8248C2.76297 13.9435 3.05012 14.0033 3.34003 14H9.00003Z\"\n                              stroke=\"#666666\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n                    <\/g>\n                    <defs>\n                        <clipPath id=\"clip0_604_3423\">\n                            <rect width=\"22\" height=\"22\" fill=\"white\"\/>\n                        <\/clipPath>\n                    <\/defs>\n                <\/svg>\n            <\/i>\n        <\/button>\n    <\/div>\n    <span class=\"was-this-helpful__taken-action fl-text-sm-bold\"><\/span>\n    <div class=\"was-this-helpful__feedback-container\">\n        <div class=\"was-this-helpful__choose-option-message\" role=\"status\">\n            <p class=\"was-this-helpful__choose-option-message-text\"><\/p>\n        <\/div>\n        <form class=\"was-this-helpful__feedback-form\">\n            <div class=\"was-this-helpful__feedback was-this-helpful__feedback--positive\">\n                <fieldset>\n                    <legend class=\"was-this-helpful__feedback-form-title\" tabindex=\"0\">Why was this helpful?<\/legend>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--understandable\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"positive-feedback\"\n                                value=\"Easy to understand\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--understandable\"\n                        >Easy to understand<\/label>\n                    <\/div>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--solved-problem\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"positive-feedback\"\n                                value=\"Solved my problem\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--solved-problem\"\n                        >Solved my problem<\/label>\n                    <\/div>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--other\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"positive-feedback\"\n                                value=\"Other\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--other\"\n                        >Other<\/label>\n                    <\/div>\n                <\/fieldset>\n            <\/div>\n            <div class=\"was-this-helpful__feedback was-this-helpful__feedback--negative\">\n                <fieldset>\n                    <legend class=\"was-this-helpful__feedback-form-title\" tabindex=\"0\">Why was this not helpful?<\/legend>\n                    <div class=\"was-this-helpful__choose-option-message\" role=\"status\">\n                        <p class=\"was-this-helpful__choose-option-message-text\"><\/p>\n                    <\/div>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--missing-info\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"negative-feedback\"\n                                value=\"Missing Information\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--missing-info\"\n                        >Missing the information I need<\/label>\n                    <\/div>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--complicated\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"negative-feedback\"\n                                value=\"Too complicated\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--complicated\"\n                        >Too complicated \/ too many steps<\/label>\n                    <\/div>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--dated\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"negative-feedback\"\n                                value=\"Out of date\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--dated\"\n                        >Out of date<\/label>\n                    <\/div>\n                    <div class=\"fl-radio-button-field fl-flex was-this-helpful__feedback-form-title\">\n                        <input\n                                id=\"was-this-helpful__radio-button--negative-other\"\n                                class=\"fl-radio-button-field-input\"\n                                type=\"radio\"\n                                name=\"negative-feedback\"\n                                value=\"Other\"\n                        >\n                        <label\n                                class=\"fl-radio-button-field-label fl-text-sm was-this-helpful__radio-label\"\n                                for=\"was-this-helpful__radio-button--negative-other\"\n                        >Other<\/label>\n                    <\/div>\n                <\/fieldset>\n            <\/div>\n            <div class=\"was-this-helpful__form-buttons-container\">\n                <button\n                    class=\"was-this-helpful__feedback-button was-this-helpful__feedback-button--positive at-feedback-submit fl-button secondary\"\n                    type=\"submit\"\n                >\n                    <span class=\"fl-button-content\">Submit<\/span>\n                    <i\n                        class=\"fa fa-angle-right medium\"\n                        aria-hidden=\"true\"\n                    ><\/i>\n                <\/button>\n                <button\n                    class=\"was-this-helpful__feedback-button was-this-helpful__feedback-button--cancel fl-button primary disabled\"\n                    type=\"reset\"\n                >\n                    <span class=\"fl-button-content\">Cancel<\/span>\n                    <i\n                        class=\"fa fa-times-circle medium\"\n                        aria-hidden=\"true\"\n                    ><\/i>\n                <\/button>\n            <\/div>\n        <\/form>\n    <\/div>\n    <div class=\"was-this-helpful__thank-you-message\" role=\"status\">\n        <i class=\"was-this-helpful__thank-you-message-icon fa fa-check\"><\/i>\n        <p class=\"was-this-helpful__thank-you-message-text\" aria-live=\"polite\"><\/p>\n    <\/div>\n<\/div>\n\n\n    <\/div>\n    \n    <div class=\"fl-section-sidebar\">\n        \n<div class=\"email-subscription fl-mb30\">\n    <div class=\"email-subscription-header\">\n        <div class=\"email-subscription-header-content\">\n            <h3 class=\"fl-callout-sm fl-no-margin\">Stay Up-to-Date With How the Law Affects Your Life<\/h3>\n        <\/div>\n        <div class=\"email-subscription-header-image fl-flex fl-items-end\">\n            <img decoding=\"async\"\n                src=\"https://www.findlaw.com/static/c/images\/images\/w_1200,c_limit,dpr_auto\/f_auto,q_auto:eco\/v1745902396\/ability-law\/wp-prod\/general-components-subscribe-module-Image-subscribeModule_1\/general-components-subscribe-module-Image-subscribeModule_1.png?_i=AA\"\n                alt=\"\"\n                loading=\"lazy\"\n            \/>\n        <\/div>\n    <\/div>\n\n    <div class=\"email-subscription-content fl-flex fl-flex-wrap\">\n        <div class=\"email-subscription-content-text fl-mb25\">\n            <h4 class=\"fl-no-margin\">Enter your email address to subscribe<\/h4>\n        <\/div>\n\n        <form class=\"email-subscription-content-form\">\n            <input type=\"hidden\" name=\"distributionList\" value=\"latl\" \/>\n            <label for=\"email-subscription-content-form-group-input\" class=\"fl-text-sm-bold\">Email (Required)<\/label>\n            <div class=\"email-subscription-content-form-group\">\n                <input id=\"email-subscription-content-form-group-input\" name=\"email\" autocomplete=\"email\"\/>\n                <button type=\"submit\" aria-label=\"Submit\">\n                    <i class=\"fa fa-angle-right\" aria-hidden=\"true\"><\/i>\n                <\/button>\n            <\/div>\n            <p class=\"email-subscription-content-form-success subscribe-success-message fl-text-sm-bold\" aria-hidden=\"true\" role=\"status\">Thank you for subscribing!<\/p>\n            <p class=\"email-subscription-content-form-error subscribe-error-message fl-text-sm-bold\" role=\"alert\" aria-hidden=\"true\"><\/p>\n\n            <div id=\"email-subscription-content-form-recaptcha\" class=\"email-subscription-content-form-recaptcha subscribe-recaptcha\"\n                data-sitekey=\"0x4AAAAAAABGBEkK9kEeKxO-\"><\/div>\n        <\/form>\n\n        <div class=\"email-subscription-content-footer fl-text-sm\">\n            <p><a href=\"https:\/\/newsletters.findlaw.com\/\" target=\"_blank\" rel=\"noopener\">Learn more about FindLaw\u2019s newsletters<\/a>, including our terms of use and privacy policy.<\/p>\n\n        <\/div>\n    <\/div>\n<\/div>\n<div class=\"general-list\">\n    <h3>You May Also Like:<\/h3>\n    <ul class=\"fl-list fl-no-margin\">\n                                    <li class=\"fl-list-item fl-flex\">\n                    <i class=\"fa fa-angle-right medium\" aria-hidden=\"true\"><\/i>\n                    <a class=\"fl-list-item-link\" href=\"https:\/\/www.findlaw.com\/bankruptcy\/business-bankruptcy\/chapter-12-bankruptcy.html\">\n                        Chapter 12 Bankruptcy\n                    <\/a>\n                <\/li>\n                                                <li class=\"fl-list-item fl-flex\">\n                    <i class=\"fa fa-angle-right medium\" aria-hidden=\"true\"><\/i>\n                    <a class=\"fl-list-item-link\" href=\"https:\/\/www.findlaw.com\/bankruptcy\/business-bankruptcy\/chapter-9-bankruptcy.html\">\n                        Chapter 9 Bankruptcy\n                    <\/a>\n                <\/li>\n                                                <li class=\"fl-list-item fl-flex\">\n                    <i class=\"fa fa-angle-right medium\" aria-hidden=\"true\"><\/i>\n                    <a class=\"fl-list-item-link\" href=\"https:\/\/www.findlaw.com\/bankruptcy\/business-bankruptcy\/subchapter-5-in-chapter-11-bankruptcy.html\">\n                        Subchapter 5 in Chapter 11 Bankruptcy\n                    <\/a>\n                <\/li>\n                        <\/ul>\n<\/div>\n\n\n    <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>FindLaw explains Chapter 11 bankruptcy, detailing the reorganization process, debtor in possession status, and creditor negotiations. Learn more now!<\/p>\n","protected":false},"author":41135,"featured_media":0,"parent":286892,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"app\/Http\/Controllers\/Templates\/ArticleWithBreadcrumbsController.php","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_autodraft_ids":[],"_cloudinary_featured_overwrite":false,"_sb_is_suggestion_mode":false,"_sb_show_suggestion_boards":false,"_sb_show_comment_boards":false,"_sb_suggestion_history":"","_sb_update_block_changes":"","_is_real_time_mode":false,"_realtime_collaborators":"","footnotes":"","cf_checklist_status":[]},"categories":[2727],"tags":[],"state_laws_tags":[],"flmsa":[],"class_list":["post-286894","page","type-page","status-publish","hentry","category-bankruptcy"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/pages\/286894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/users\/41135"}],"replies":[{"embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/comments?post=286894"}],"version-history":[{"count":0,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/pages\/286894\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/pages\/286892"}],"wp:attachment":[{"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/media?parent=286894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/categories?post=286894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/tags?post=286894"},{"taxonomy":"state_laws_tags","embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/state_laws_tags?post=286894"},{"taxonomy":"flmsa","embeddable":true,"href":"https:\/\/www.findlaw.com\/law-api\/wp-json\/wp\/v2\/flmsa?post=286894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}