a question about ch 11

[B65]

Just reading that one of my Fav companys has filed Ch 11, the company has just one owner. When this happens do they get to keep all the personal stuff , like if they live in gorgeous houses and have millions in savings, is all that protected because it is a business bankruptcy?

anyone know?

[jessegirl]

Just reading that one of my Fav companys has filed Ch 11, the company has just one owner. When this happens do they get to keep all the personal stuff , like if they live in gorgeous houses and have millions in savings, is all that protected because it is a business bankruptcy?

anyone know?

I wouldn't doubt it B, it seems they only go after the little guys......

Courious to hear on this.....

[Kingxray]

From what I learned while shopping for lawyers is that a C11 is used by businesses. They can continue to operate the business but get a court approved repayment plan. There is no trustee unless the judge orders one. Kinda like a C13.

[OhioFiler]

Generally, corporations are a single entity in the eyes of the law. The effect bankruptcy has on the owner(s) is their investment in the company is gone or diminished. Their personal and real property is not involved in the case.

Chapter 11 is a reorganization not a liquidation.