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A fact that surprises many people is that almost 9 out of 10 new businesses end up failing. What happens to a business when it runs out of money? Chapter 11 is the chapter of the United States bankruptcy code that explains what happens in this situation. Chapter 11 and business bankruptcy refer to when a corporation is unable to pay money that it is owed, and therefore is restructured. According to chapter 11 and business bankruptcy regulations, the owner or owners of the business are able to remain in control, but the court oversees a restructuring of the business so that it can pay off its creditors in the future.

A famous example of chapter 11 and business bankruptcy would be a well-known figure in most business circles, Donald Trump.

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“I just went to a seminar advertised to the general public, and the speakers seemed really smart, and they said if I filed a personal Chapter 11, I could force the secured creditors to negotiate with me! Let’s file today!”

Well. Uh.

No.

I periodically talk to really smart people who have a new religion; the belief in an all-powerful, all-benevolent personal Chapter 11 Bankruptcy, which will permit an individual to manifest an all-powerful ability to force both secured creditors and unsecured creditors to negotiate!

Well, I have an actual religion. Read more…