All types of businesses, including in Pennsylvania, have taken advantage of the federal bankruptcy laws to reorganize their affairs and attempt to stay in business with a streamlined new business approach. The legal vehicle for that attempt is a Chapter 11 bankruptcy filing. That chapter of the Bankruptcy Code is known generally as the business reorganization section.
For Pennsylvania consumers who listed financial survival and economic improvement as a New Year's resolution, consideration of bankruptcy may possibly be timely. Any discussion of the topic usually first contends with its sinister image. However, when someone begins to learn the true facts about bankruptcy, the reality of it always looks a lot better than its legend.