Changes

The '''[[Bankruptcy]] Code''' is an informal name for Title 11 of the [[United States]] Code (11 U.S.C. §§ 101-1330), which serves as the federal [[bankruptcy]] law. Currently there are several types of bankruptcies which are referred to by their respective chapters. All bankruptcies are filed in a federal court called the [[United States Bankruptcy Court]], which will supervise such cases to termination.  

The '''[[Bankruptcy]] Code''' is an informal name for Title 11 of the [[United States]] Code (11 U.S.C. §§ 101–1330), which serves as the federal [[bankruptcy]] law. Currently there are several types of bankruptcies which are referred to by their respective chapters. All bankruptcies are filed in a federal court called the [[United States Bankruptcy Court]], which will supervise such cases to termination.  

== History ==

== History ==

{{cquote|Once a voluntary Chapter 11 bankruptcy petition is filed, the debtor usually assumes the role of “debtor in possession,” meaning that the debtor keeps control of its assets during the Chapter 11 proceedings. A debtor in possession has the position of a fiduciary. Most frequently, the debtor in possession operates the business, performing many of the tasks that would be performed by the trustee if another type of bankruptcy were filed. These tasks may include accounting for property, filing information reports, examining creditors’ claims and objecting to them as appropriate, filing tax reports, and filing a final accounting. The debtor [in] possession is permitted to employ professionals such as attorneys, accountants, and appraisers.<ref>https://www.justia.com/bankruptcy/chapter-11/</ref>}}

{{cquote|Once a voluntary Chapter 11 bankruptcy petition is filed, the debtor usually assumes the role of “debtor in possession,” meaning that the debtor keeps control of its assets during the Chapter 11 proceedings. A debtor in possession has the position of a fiduciary. Most frequently, the debtor in possession operates the business, performing many of the tasks that would be performed by the trustee if another type of bankruptcy were filed. These tasks may include accounting for property, filing information reports, examining creditors’ claims and objecting to them as appropriate, filing tax reports, and filing a final accounting. The debtor [in] possession is permitted to employ professionals such as attorneys, accountants, and appraisers.<ref>https://www.justia.com/bankruptcy/chapter-11/</ref>}}

A U.S. Trustee will monitor the debtor in possession’s compliance. In some cases, however, a trustee is appointed for cause, and the trustee administers the debtor’s Chapter 11 case.

A U.S. Trustee will monitor the debtor in possession's compliance. In some cases, however, a trustee is appointed for cause, and the trustee administers the debtor's Chapter 11 case.

==== Small business ====

==== Small business ====

As explained by the US Courts website:<ref>https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics</ref>

As explained by the US Courts website:<ref>https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics</ref>