- published: 04 Dec 2014
- views: 45
Chapter 11 is a chapter of the United States' Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy (although liquidation can go under this chapter), while Chapter 13 provides a reorganization process for the majority of private individuals.
When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.
In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court.
Chapter 7, Title 11, United States Code
Chapter 13, Title 11, United States Code
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Unbound
I look away. I want to kill the day
Drink it down, don't pray
What changed to make me this way
Vice filled and still your patience is running thin
By will blood spills
Stains the bars of the cage I'm pacing in
I can't get out.
I see them playing in the garden
I'm walking in the rain
I'll dream to kiss you in the darkness
A look of love it brought me pain
Turn around don't look at me for what you believe
You might say that the end will set me free
Vice filled and still your patience is running thin
By will blood spills
Stains the bars of the cage we're pacing in
We can't get out.
So now you're playing in my darkness
I'm walking in the rain
I'll dream to kiss you in the garden
When looks of love won't bring me pain
Pain.