Chapter 11 is virtually always on for CORPORATIONS and is a "reorganization" rather than a liquidation.
Chapter 7 dissolves the corporation.
C-7 can happen, and frequently is, shortly after C-11 (actually converting the C-11), especially if no viable reorganization plan can be found.
C-11 is for Corporations, not people. There is no time limit between these corporate filings. Some Cos have done them very close together when the first re-org ideas failed quickly.
A Chapter 7 case is commenced by the debtor filing a voluntary petition or at least three creditors filing an involuntary petition. A husband and wife can file a joint petition. 11 USC § 302.
You may not be able to withdraw a Chapter 11 filing. You should talk to your lawyer to determine the best course of action.
Borders bookstores filed for Chapter 11 bankruptcy on February 16, 2011.
Under the new Bankruptcy laws you must now wait 8 years before filing another Chapter & or Total Bankruptcy as it is better know. You may be eligible to file if eligible a Chapter 13 to structure repayment to those creditors.
Some strict limitations have been set by the new bankruptcy law. Debtors will not be able to file Chapter 7 bankruptcy if they've been through a Chapter 7 within eight years of the new filing. If they want to file for Chapter 13, they will not receive a discharge within two years of a previous Chapter 13 discharge and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.
The US Courts is the best place to source information regarding chapter 11 bankruptcy filing. Here you will find valuable information including how the chapter 11 bankruptcy works. Other sites that provide information include; Investopedia and Wikipedia.
no
Chapter 11 is not commonly available to indivduals, only Corporations.
Very possibly.
trinity components
No.