Can I keep my business open during a liquidating plan in a Chapter 11 bankruptcy?

Yes, you can keep your business open during a liquidating plan in a Chapter 11 bankruptcy in Michigan. This form of bankruptcy allows businesses to reorganize their debts, and in some cases, liquidate certain assets in order to pay off creditors. During the liquidating plan, a debtor must submit a plan to the court that explains how the businesses debts will be paid off. The court will then review the plan and make a determination whether or not the plan is feasible. If approved, the debtor must then execute the plan and make payments to the creditors as outlined in the plan. In Michigan, businesses are allowed to continue to operate while the liquidating plan is being implemented. The court can issue an automatic stay order to prevent creditors from collecting debt payments from the business during this time. This allows the business to continue to operate, generate revenue, and make payments to the creditors as outlined in the plan. It is important to note that the court does have the authority to impose certain restrictions on the businesses operations. In general, a liquidating plan provides businesses with an opportunity to restructure their debts and continue to operate during the bankruptcy process. It is important to work with an experienced bankruptcy lawyer to ensure that all legal requirements are followed when submitting a liquidating plan and during the implementation process.

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Can I keep my business open during a liquidating plan in a Chapter 11 bankruptcy?

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