Chapter 11 bankruptcy is considered to be the most costly option for bankruptcy, hence a thorough evaluation of its suitability for individuals, married couples, or businesses is advised. In the case of filing as a business, it can continue to operate throughout the proceedings.
Regardless of being an individual or a business, you hold the initial opportunity to propose a plan for reorganization. Should the plan you present be deemed fair and reasonable, the court shall approve it. However, if it fails to meet that standard, the court will propose an alternative plan that you must fulfill to restructure the debt.
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