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Encyclopedia > Chapter 11 bankruptcy protection
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Chapter 11
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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.
See also:
External links:
- Complete Title 11 (ZIP) (http://uscode.house.gov/DOWNLOAD/Title_11.ZIP)
- Chapter 11 (http://uscode.house.gov/DOWNLOAD/11C11.DOC)
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