Definition of "Chapter 11"

Barbara  Pearson real estate agent
Barbara Pearson, Real Estate Agent RE/MAX Legacy

Used primarily by real estate corporations as a means of restructuring and reorganizing existing debts. Creditors must vote on a debt-paying plan and a judge must give approval. It provides protection for individual debtors with debts to large for a Chapter 13 filing. See also wage earner plan (chapter 13).

 

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