Encyclopedia > Chapter 11

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Chapter 11

Part of the US bankruptcy code.

It is started by the filing of either a voluntary petition by the debtor[?], or an involuntary petition by creditors[?].

A stay of creditor actions against the debtor automatically goes into effect when the bankruptcy petition is filed. The stay provides a breathing spell for the debtor during which negotiations to resolve the financial situation can take place and a reorganization plan can be proposed.

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