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

Yes, it is possible to keep a business open during a liquidation plan in a Chapter 11 bankruptcy in Utah. This is because the bankruptcy laws in Utah give debtors the ability to reorganize their debts and continue operating a business. Under the Chapter 11 Bankruptcy Law in Utah, the bankruptcy court grants permission for debtors to create and present a "Plan of Reorganization" which allows them to keep their business open while they pay their creditors. The plan must be approved by the court and the creditors and is designed to help the debtor pay off their debts over an extended period of time. In this plan, the debtor has the ability to negotiate with creditors to lower interest rates, reduce the principal amount of debt, and make other adjustments in order to make the payments more manageable. The court also approves the plan, which allows the debtor to keep operating their business while they make the payments. In a liquidation plan, the debtor must still make payments to creditors. The only difference is that the payment plan is designed to pay off the debt in a specific amount of time, usually within five years. However, the debtor still has the ability to keep their business open while the payments are made. In summary, it is possible to keep a business open during a liquidation plan in a Chapter 11 bankruptcy in Utah. The court and creditors must approve the reorganization plan before it can be put into action. After approval, the debtor can keep their business open while they make the payments on their debt.

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