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1. Sample Essay on United States
Bankruptcy Code Chapter 11
United States bankruptcy code chapter 11generally
provides for reorganization for partnership or
corporation. As provided for by this chapter, a debtor
proposes a strategy or plan for the reorganization to
keep business alive as well as pay creditors with time.
Individuals and businesses undergoing financial crisis
seek relief in chapter 11.
In case a business can no longer service debtors or
even pay creditors, the business itself or creditors may
file for bankruptcy with the federal court. This is provided
for in the Chapter 11 and Chapter 7. In most cases,
Chapter 11 allows debtors to maintain control of the
operations of the business as the debtors in the
possession. However, the business is subjected to
court’s jurisdiction and oversight.
The United States bankruptcy code chapter 11retains
most features that are present in most or all bankruptcy
proceedings. It also provides additional tools that
debtors can use as well. The most important aspect of
this chapter is that it empowers trustees so that they can
operate business of the debtors. According to this
chapter, unless a trustee is selected or appointed for the
cause, debtor acts as the business trustee as a debtor in
the possession.
The debtor in the possession is afforded several
mechanisms that they can use in restructuring the
business. For instance, the debtor may acquire loans or

2. financing on terms that are favorable to them by offering
first priority of the earnings of the business to new
lenders.
The court can also allow debtor in the possession to
cancer or reject contracts. This chapter also protects
debtors from litigation against their business via
automatic stay imposition. As long as the automatic stay
remains in place, the creditors are not allowed to make
collection attempts. They are also deterred from
engaging in activities that are against debtor in the
possession. Majority of the litigations that are against the
business debtor are stayed or simply kept on hold till the
bankruptcy case is resolved in court or original revenue
of the business is resumed.
A business is considered insolvent when it has debts
that exceed assets and at the same time the business
cannot debts. Bankruptcy restructuring can result in a
situation where the owners of the company will lose
everything. Ownership of the company after
reorganization is left with the creditors. Owners of the
company lose interests and rights to the creditors of the
company. The court determines whether the
reorganization plan being proposed abides by
bankruptcy law as provided for by the United States
bankruptcy code chapter 11.
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