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What is Houston Chapter 11 bankruptcy?

April 26, 2017Bankruptcy chapter 11 houston

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What is Houston Chapter 11 bankruptcy?

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Under Chapter 11 bankruptcy in Houston, a debtor (a corporation, sole proprietorship, or partnership) proposes a plan of financial reorganization to keep its business viable and pay creditors over an extended period of time. Selling off the assets of the business to pay debts or monetary relief are available options, but these may not be enough to cover all of the indebtedness.