DNA Brands Inc (DNAX)

[jimmy051357]

Chapter 11 - Bankruptcy Basics

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.


Chapter 7 - Bankruptcy Basics


This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.

Does anyone here even understand bankruptcy law?

Chapter 7 is for the complete liquidation of a company(which everyone here is complaining about. Chapter 11 is for reorganizing a company.

General Motors went through Chapter 11, didn't wipe anyone out, probably did it a world of good

This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.