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Is there a difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy.
Yes, a big one.
The main difference is that under a Chapter 7 bankruptcy fi ling, the debtor’s assets can be sold to pay the lenders (creditors), whereas in Chapter 11, the debtor negotiates with creditors to alter the terms of the loan without having to liquidate (sell off) assets.
On July 24, Little River Healthcare Holdings LLC, and seven affi liated companies filed for Chapter 11 bankruptcy in the Western District of Texas Bankruptcy Court.
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