Asked 5/24/2010
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What is the difference between chapter 11 and chapter13 bankruptcy? |
Answer 1/2 - Submitted 5/28/2011
Answer 2/2 - Submitted 5/29/2011
Chapter 11 bankruptcy is available to individuals and business with a large debt situation. Chapter 13 is available to most individuals and sole proprietorships. Under chapter 11 and 13, the debtor creates a plan to consolidate debt and reorganize its' business. Chapter 11 creditors vote to determine acceptance or denial of the plan. Chapter 13 creditors must accept this plan under particular legal standards.
If a chapter 11 plan is rejected, another plan can be created to submit again so the creditors can vote on the new plan.
A bankruptcy is a complicated event. Please consult an attorney for more detailed information.
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