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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