0:04
there are many advantages in filing for
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chapter
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11 I would say the biggest thing is that
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a person or a company gets to maintain
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and hold on to its assets or its
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business while the restructuring goes on
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while the payment plan is being
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determined the company can still operate
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or the individual
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can still go about their business
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there’s no trustee that’s coming in
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seizing assets you are in control of
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your assets and so that is a huge
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benefit of chapter 11 versus other
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chapters of the bankruptcy code where a
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trustee comes in and administers assets
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maybe takes things as we like to say you
0:52
get to keep your stuff while you reduce
0:54
your debts in
0:56
addition uh you take all litig ation you
1:00
may have lawsuits in different areas of
1:03
of of the state or even different states
1:06
and all the litigation almost all the
1:09
time is brought in before one court and
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one judge so there’s one Central Forum
1:14
to deal with all the different disputes
1:17
that you or your company might have you
1:20
also get to formulate a payment plan
1:23
you’re able to pay your creditors over
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time and not right away in an very
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orderly process so instead of one
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creditor who’s trying to take everything
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everyone’s going to get their fair share
1:39
and it’s going to be overtime