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It's not just individuals that can find themselves in a bad financial way - businesses can experience the same situations. If your business is in a bad place with no hope for other assistance, Chapter 11 bankruptcy might be the best solution.
Chapter 11 is a form of bankruptcy that permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any company, no matter their organizational structure, and to individuals, although it is rarely undertaken by anyone other than businesses. Filing Chapter 11 can help a business get back on its feet without needing to shut its doors for good.
Preservation of going concern
Temporary deferral of obligations
Adjustment of interest rates
Eliminate defaulted or accelerated obligations
Extend payment of unsecured tax debts
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