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Chapter 11 permits a business to continue its operations and pay its employees without interference from creditors, while devising a plan of reorganization that can be as simple as liquidation or as complex as changing product lines, hiring new management, or arranging for acquisition by another company. Costs of Chapter 11 proceedings are high, and monthly financial reporting requirements are somewhat onerous, so this alternative is generally appropriate only for businesses with substantial assets, good cash flow, or special objectives.
We will help you to determine whether or not this alternative is suited to your particular situation.