newfie
Well-Known Member
They are however loopholes that allow people to have failed and sometimes wreck less business ventures and leave the people they owe money to unpaid and the person/company filing for bankruptcy protection moves on to ripoff more people.
they are not loopholes but a legal process to organize debt on a bad deal. you need to educate yourself rather then just run off at the mouth.
Chapter 11, Title 11, United States Code
Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.