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

Yes, it is possible to keep your business open and running during a liquidating plan in a Chapter 11 bankruptcy in South Carolina. This process is referred to as a "reorganization" in the court system. During the reorganization, the debtor will be able to continue operating its business while reorganizing its debts. The debtor will also be able to negotiate with creditors to reduce the amount of debt owed and to modify the contracts in order to make payments more manageable. Chapter 11 also allows the debtor to come up with a liquidation plan. This plan will involve selling some or all of the assets of the business in order to pay back creditors. The liquidation plan must be approved by the court, and once approved, the court will appoint a trustee to oversee the liquidation process. This trustee will be responsible for ensuring that the liquidation plan is being followed and that all creditors are paid according to the plan. However, it is important to note that while the debtor can keep the business open during a liquidation plan, it may be difficult to maintain operations while dealing with the stress of liquidating assets and facing new financial constraints. It is important to consult a professional in order to understand all the complexities and implications of a Chapter 11 bankruptcy in South Carolina before making any decisions.

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