dequeendistress
Senior Member
What is the name of your state? AR
Just curious about Chapter 11 bankruptcy filing rules, can anyone fill me in with the basics---
1) not for personal-of course, for business
2) Are the debts reorganized and some sort of payback schedule made or is the debtor released of all debt?
This would be in relation to a hospital filing chapter 11, the city is to take it over....
background-brief
Plans were made for the City to "purchase" the hospital or Lose it--- During negotations one reason given for the city to take ownership was to forego bankruptcy...Now at the last minute the hospital is filing chapter 11...strange, strange to me anyway ( I did not think a municipality could assume a previous debt anyway)
So if anyone cares to bite, I appreciate it in advance.
Just curious about Chapter 11 bankruptcy filing rules, can anyone fill me in with the basics---
1) not for personal-of course, for business
2) Are the debts reorganized and some sort of payback schedule made or is the debtor released of all debt?
This would be in relation to a hospital filing chapter 11, the city is to take it over....
background-brief
Plans were made for the City to "purchase" the hospital or Lose it--- During negotations one reason given for the city to take ownership was to forego bankruptcy...Now at the last minute the hospital is filing chapter 11...strange, strange to me anyway ( I did not think a municipality could assume a previous debt anyway)
So if anyone cares to bite, I appreciate it in advance.