The primary reason for filing a Chapter 11 bankruptcy case is to obtain a plan of reorganization or Chapter 11 plan so the business may continue as a going concern.
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Q. 2The creditors' committee is appointed by the bankruptcy judge, who is appointed by the federal government, unlike private case or panel trustees.
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Q. 3Regardless of the relief sought under the various chapters in the Bankruptcy Code, all individual debtors must receive credit counseling from an approved agency within 220 days before filing.
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Q. 4In the plan of reorganization, creditors and equity security holders must be divided into different classes in order of priority of claims against the debtor.
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Q. 5The primary reason for filing a Chapter 11 bankruptcy case is to obtain a plan of reorganization.
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Q. 6When the Chapter 11 petition is filed, the debtor files a series of pleadings to obtain court approval to engage in activities that are not allowed under the Bankruptcy Code.
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Q. 7Chapter 11 cases, unlike Chapter 7 cases, the debtor incommunicado has control over the debtor's assets and does not have to seek court approval for day-to-day financial decisions.
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