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Case 11 10535 DOC 1 Filed 110411 Page 1 of 92 Bankruptcy  Form

Case 11 10535 DOC 1 Filed 110411 Page 1 of 92 Bankruptcy Form

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to finally revealed in this episode we want to continue our talk with lisa epps hi lisa hey michelle she's with the spencer fan law firm in kansas city missouri and we want to talk some more about business bankruptcy and in this episode we want to talk about an individual chapter 11 okay all right so first of all why would you do an individual 11 over a 7 or 13 well an individual 11 is when it's primarily a business debtor who has guaranteed a lot of the bank debt and or runs a business in their own name where the debts are primarily business and they want to maintain the business operation so chapter 11 will allow them to do that under certain circumstances a chapter 7 is a bankruptcy where it's a straight liquidation a trustee is appointed and so if the debtor no longer wants to operate its business or you know try to relieve itself if it's guaranteed debt then a chapter 7 would be that option and a chapter 13 is really for a debtor whose debts are primarily consumer debts and they'l

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