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The Bankruptcy Code allows small business debtors to file for relief under two different special categories of chapter 11 intended to streamline processes and reduce costs.
For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code.
Business petitions filed under chapter 11 fell 32 percent to 5,162 and amounted to 32 percent of all business cases filed, down from 34 percent in 2020. Filings under chapters 9, 12, and 15 of the Bankruptcy Code collectively accounted for less than 1 percent of all petitions filed.
For Individual Chapter 11 Cases: The List of Creditors Who Have the 20 Largest Unsecured Claims Against You Who Are Not Insiders Individual Debtors B 1040
In filing a Chapter 11, the debtor presents a plan to creditors which, if accepted by the creditors and approved by the Court, will allow the debtor to reorganize personal, financial or business affairs and again become a financially productive individual or business.
A Chapter 11 case provides the opportunity to reorganize or readjust debts through a plan, to allow the debtor to remain in business and to pay creditors over time. Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership.
The Small Business Reorganization Act of 2019 (the “SBRA”), signed by the President on August 23, 2019, enacts a new subchapter V of chapter 11 of the Bankruptcy Code, codified as new 11 U.S.C. §§ 1181 – 1195, and makes conforming amendments to several sections of the
Chapter 11, entitled Reorganization, ordinarily is used by commercial enterprises that desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization. The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files the case and ...
Monthly Operating Report for Small Business Under Chapter 11. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
Bankruptcy filings are reported quarterly for each 12-month period ending March 31, June 30, September 30, and December 31. The following tables are available: Business and non-business bankruptcy filings (Table F-2, 12-month); Bankruptcy data for the 12-month periods (Table F);