Are there any special provisions for filing for bankruptcy as a business?

Yes, businesses in Minnesota have special provisions for filing for bankruptcy. Businesses may choose to file for reorganization bankruptcy, also called “Chapter 11.” This allows them to reorganize their debts and continue operating while being protected from their creditors. Businesses may also be able to file for liquidation bankruptcy, also called “Chapter 7”, where a business must liquidate its assets to pay off its creditors. Businesses that choose to file for bankruptcy must include information about their business structure, financial statements, budget projections, and management and operations plans. All creditors must be included in the filing and be notified of the bankruptcy and may be asked to approve the reorganization plan or accept a settlement agreement. Businesses filing for bankruptcy in Minnesota should check with the local bankruptcy court as some courts require businesses to meet certain criteria before they are eligible to file for bankruptcy. Businesses should also consult with a bankruptcy attorney for assistance with the process and to best protect their interests during bankruptcy.

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Are there any special provisions for filing for bankruptcy as a business?

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