What happens to my assets during a Chapter 11 bankruptcy?

In Alaska, Chapter 11 bankruptcy is a way to attempt to reorganize your debts and finances. This usually involves a plan for restructuring payments to creditors while enabling you to keep your business assets. Under Chapter 11, you can keep some or all of your assets, depending on your debt payments, income, and ability to repay your creditors. First, you must submit a reorganization plan to the bankruptcy court that outlines your plans for repaying your debts. The court then determines if this plan is feasible and if you have the ability to make these payments. If the plan is approved, you may be allowed to retain some or all of your assets. Depending on the debts you owe, the court may also decide to liquidate certain assets in order to pay off those creditors. In general, the court will try to help you keep your assets as much as possible. However, if you are unable to make your payments or reorganize your finances, the court may decide to liquidate all of your remaining assets in order to pay your creditors. This will be done in accordance with Alaska bankruptcy law.

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What happens to my assets during a Chapter 11 bankruptcy?

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