Chapter 11 Bankruptcy
Chapter 11 bankruptcy cases allow the flexibility needed by larger entities and individuals with several properties or an ongoing business. But chapter 11 cases also require administrative oversight.
The court must approve:
- The hiring of attorneys, accountants, brokers, and other professionals;
- the use of a property’s rents to pay anything other than the mortgage, including electric bills or property taxes;
- the continued employment of key personnel; payment of any expense; and other important procedures necessary to maintain the debtor’s operations
- and/ or adjust the debtor-creditor relationship