How is the Individual Chapter 11 Liquidation Bankruptcy Different from Chapter 7 Bankruptcy?
Let’s cut to the chase. The main difference between Chapter 11 liquidation and Chapter 7 is that you, as the debtor, remain “debtor in possession.” In other words, you have control over the sale process. You also control the distribution of assets through the bankruptcy court. In a Chapter 7 case, by contrast, you are immediately taken out of possession. [...]
