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File Chapter 7 Bankruptcy Lawyer Cortland New York Keith Dayton Attorney at Law - Cortland NY. Bankruptcy, DWI Defense, Criminal Lawyer, Landlord Tenant, Debtor, Creditor, Cortland New York. Keith Dayton Law Office Cortland file chapter 11
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Bankruptcy Terminology      (Page 200)

chapter 7: The chapter of the Bankruptcy Code providing for “liquidation” (i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors).

chapter 9: The chapter of the Bankruptcy Code providing for reorganization of municipalities (which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts).

chapter 11: The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)

chapter 12: The chapter of the Bankruptcy Code providing for adjustment of debts of a “family farmer,” or a “family fisherman” as those terms are defined in the Bankruptcy Code.

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