Top Definition
Contrary to pouplar belief, Chapter 11 is not bankruptcy... It is Bankruptcy PROTECTION. Companies file Chapter 11 in order to restructure while protecting themselves from being liquidated by creditors.
Chapter 7 is liquidation with a cessation of all business activities.
US Airways Filed for Chapter 11 again. If the judge doesn't cancel the employee contracts, they'll be in Chapter 7 soon.
by Dohmnuill December 30, 2004
An essential chapter to avoid bankruptcy; also used to describe a bankruptcy lawyer's genitals.
Yeah so I was having this Chester guy handle my chapter 11 cause im in serious debt, but it turns out the whole time he was feeling his own chapter 11. Never trust a Salomon
by GerbalFiend April 12, 2006
To go bankrupt, to lose all money.
K-Mart is going to chapter 11 if they keep selling low quality products.
by k November 28, 2004
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