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Name Date Class Use with Chapter 11 Activity 57 Consumer Terms Directions: The scrambled words in the sentences that follow have to do with consumer decision-making. Unscramble the letters and write
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Use with Chapter 11 refers to the process in which a business seeks to reorganize its debts while continuing its operations, allowing it to emerge financially viable.
Typically, businesses or individuals with significant debts that wish to restructure their financial obligations are required to file for Chapter 11.
To fill out the process for Chapter 11, individuals or businesses must prepare a petition, include detailed financial information, develop a reorganization plan, and file these documents with the bankruptcy court.
The purpose of using Chapter 11 is to allow debtors to restructure their debts, maintain operations, and maximize the potential for repaying creditors over time.
Required information includes a list of all creditors, assets and liabilities, current income, monthly operating expenses, and a proposed plan for reorganization.
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