In a Chapter 11 Bankruptcy you are in charge of selling assets and paying creditors. If you have significant assets to be sold you can make sure that you get the best price for these assets, and you can also negotiate with your creditors to settle these debts at the lowest price. In a Chapter 7 Bankruptcy a Trustee is appointed who makes all decisions regarding what to sell and at what price. He is not concerned with your interests, rather he cares about the interests of your creditors. Additionally, the Trustee charges fees for all of the time he spends selling your assets and paying creditors, which fees are often a considerable portion of the assets.
Individuals can file for Chapter 11 Bankruptcy protection, and the advantages can be considerable, because you do not have to pay a Chapter 7 Trustee his hourly rate. In other words, in a Chapter 11 you can be your own trustee, pay a lawyer who works for you, and have control over the liquidation process. In a Chapter 7 a trustee is appointed who is paid from your assets, and you have no control over the liquidation process.
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