What is the difference between a Chapter 11 bankruptcy and a Chapter 13 bankruptcy?

Chapter 11 bankruptcies and Chapter 13 bankruptcies are two different types of bankruptcy filings available to individuals and businesses in Utah. Chapter 11 bankruptcies are generally filed by businesses, and they involve the reorganization of a company’s debts and assets. Under Chapter 11, the debtor (the business) has the option to either restructure its debts or sell its assets in order to pay creditors. A trustee is appointed to oversee operations and ensure the company is complying with all bankruptcy laws. Chapter 13 bankruptcies are typically filed by individuals and involve restructuring the debtor’s debts in order to pay them off over a period of time. A Chapter 13 bankruptcy allows individuals to keep their property while repaying a portion of their debts. All creditors are paid based on a court-approved repayment plan, and a trustee is also appointed to oversee the repayment process. The primary difference between Chapter 11 and Chapter 13 bankruptcies is that Chapter 11 bankruptcies are typically filed by businesses and Chapter 13 bankruptcies are typically filed by individuals. Additionally, Chapter 11 bankruptcies involve the reorganization of a company’s debts and assets while Chapter 13 bankruptcies involve a restructuring of the debtor’s debts in order to pay them off over a period of time.

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What is the difference between a Chapter 11 bankruptcy and a Chapter 13 bankruptcy?

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