I. Bankruptcy Lingo
A. Bankruptcy Formats
1. Restructuring (Chapter 11 with debtor confirming a plan and becomes a reorganized debtor; could have a trust established to deal with certain claims or causes of action)
2. Small Business 11 and Subchapter V Bankruptcy (for small businesses; each moves on a faster timeline and has slightly different requirements)
3. Liquidating 11 (Chapter 11 with debtor selling substantially all its assets though a 363 Sale and confirming a liquidating plan)
4. Liquidation (Chapter 7 with debtor shutting down operations and chapter 7 trustee liquidating the debtor’s estate)