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Bankruptcy

Opinions expressed by Entrepreneur contributors are their own.

Definition: A legal state of insolvency. A company deemed to be in this condition may choose protection under the law to allow a chance to reorganize (Chapter 11) or liquidate in an orderly fashion (Chapter 7). .

A company deemed to be bankrupt may choose protection under the law to allow a chance to reorganize (Chapter 11) or liquidate in an orderly fashion (Chapter 7). In the past few years, the improper use of the Bankruptcy Code's Chapter 11 provisions by larger corporations has put companies in similar situations under strict scrutiny. For this reason, it's recommended that you consult a competent bankruptcy attorney in order to understand just what's involved and to ensure you file all proper paperwork. Additionally, you should plan on taking from two to four years to complete the judicial cycle of Chapter 11 proceedings.