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

Yes, it is possible to keep your business open during a liquidating plan in a Chapter 11 bankruptcy in West Virginia. Chapter 11 bankruptcies are designed to give the debtor (the person or company filing for bankruptcy) the opportunity to reorganize their debts and to continue operating their business. During a Chapter 11 bankruptcy, the debtor can create a liquidating plan that will allow them to keep their business open while paying off their creditors. In a liquidating plan, the debtor will need to submit a plan to the court outlining how they will use the income generated by their business to pay off their creditors. The court will then approve or reject the plan, with the input of the creditors and the trustee assigned to the case. If the plan is approved, the debtor can continue to run their business and make payments to their creditors in accordance with the plan. In West Virginia, the process of setting up and maintaining a liquidating plan in a Chapter 11 bankruptcy can be quite complex. It is important to consult with an experienced lawyer specializing in bankruptcy law to ensure you are in compliance with all of the legal requirements. The lawyer will also ensure that the liquidating plan meets the needs of both the debtor and the creditors.

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