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Is Chapter 11 bankruptcy only for businesses?

By Florida Law Advisers, P.A. |

No, individuals may also be eligible to file Chapter 11 bankruptcy. However, other forms of bankruptcy, such as Chapter 7 or Chapter 13 may be better suited for individuals.

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Is Chapter 11 the only type of bankruptcy allowed for businesses?

By Florida Law Advisers, P.A. |

No, businesses may also file for Chapter 7 bankruptcy. However, businesses are not eligible to file for Chapter 13 bankruptcy protection.

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What is Chapter 11 bankruptcy?

By Florida Law Advisers, P.A. |

In Chapter 11 bankruptcy, a company negotiates with its creditors and stakeholders to develop a Chapter 11 plan. The Chapter 11 plan allows businesses to alter existing contracts and loan arrangements to reduce the amount owed and extend the repayment period.

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Do you have to close the business when filing Chapter 11?

By Florida Law Advisers, P.A. |

Chapter 11 provides businesses with the opportunity to restructure its debt and modify existing contracts. A business will not be required to close as a condition of Chapter 11 bankruptcy.

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