No business ever plans for or seeks to file for bankruptcy protection. Yet, no business planned for the struggles COVID-19 brought to countless industries, markets, and services. Today, many businesses are struggling to keep up with the cost of regular operations. Depending on your business’s financial situation, restructuring under Chapter 11 may be an option, but it's important to first understand what Chapter 11 bankruptcy is, and what it means for your business and you personally.
This article will walk you through the basics of what Chapter 11 bankruptcy is and how it works.