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Chapter 9 vs Chapter 11 - Goodwin Procter

Chapter 9 vs Chapter 11 - Goodwin Procter 2026

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The document is a Supreme Court of Oregon case involving Rebecca Niday against GMAC Mortgage, LLC and others regarding the nonjudicial foreclosure of a trust deed under the Oregon Trust Deed Act (OTDA). The court reviewed whether Mortgage Electronic Registration Systems, Inc. (MERS) could be considered a 'beneficiary' under the OTDA, concluding that only the lender or its successors can hold that status. The court affirmed the Court of Appeals' decision, which found genuine issues of material fact regarding MERS' authority to foreclose and the necessity of recording assignments of trust deeds. Ultimately, it ruled that MERS does not have legal title to the trust deed after the note is transferred and cannot act as an agent without proper authorization from the actual beneficiary.

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What happens to employees in Chapter 11?

In a Chapter 11 bankruptcy or reorganization, the employer remains in business and tries to reorganize and emerge from bankruptcy as a financially sound company. Many employees may remain at work and continue to be paid and receive benefits. However, some may be laid off.

What is the order of priority in Chapter 11?

Generally, secured creditors get paid fully before unsecured creditors, and then priority unsecured creditors (such as for family support or unpaid taxes owed) will be paid before nonpriority unsecured creditors (such as creditors seeking money for unpaid medical debt or credit card debt).

Under what circumstances would Chapter 11 be used rather than chapter 7?

For that reason, its most often used by businesses rather than individuals. The businesses may be corporations, partnerships, joint ventures, or limited liability companies (LLCs). Unlike Chapter 7, Chapter 11 allows a company to reorganize its debt and try to reemerge as a healthy business.

What is the difference between Chapter 11 and chapter 9?

- A Chapter 9 debtor does not need court approval to use, sell, or lease property, including cash collateral ( 363 is not incorporated into Chapter 9). Chapter 11 debtors subject to 363. No Chapter 11 equivalent.

In what order do creditors get paid?

distribute money from the collection and sale of assets after payment of the costs of the liquidation, including the liquidators fees (subject to the rights of any secured creditor) first to priority creditors, including employees, and then to unsecured creditors (noting there can only be one dividend paid to

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Is Chapter 11 capitalized?

Lowercase references to the chapters of the Bankruptcy Code.

Who gets paid first in Chapter 11?

The Absolute Priority Rule In simpler terms, if a secured creditor is treated well in the plan, general unsecured creditors must be paid in full or get nothing. Similarly, if the company owners want to keep their ownership stake, they must pay off all general unsecured creditors first.

Who typically gets paid first when a company?

Secured creditors are those who have security interest over some or all of the company assets, they are usually the first to get paid. Fixed charge holders include banks and other asset-based lenders holding title over a company asset.

Chapter 9 vs Chapter 11 - Goodwin Procter 2026

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