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A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.
This chapter of the Bankruptcy Code provides for ``liquidation`` - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.