Summary and Analysis Chapter 11
Summary
Although Jurgis is working harder than ever, the process of "speeding up," the hiring of more workers, and a reduction in wages earn him a net loss income. At this time Jurgis learns that all the packers, a term used to refer to the owners and management, conspire together in something known as the Beef Trust.
Marija cares little for this and worries only about herself. She opens a savings account, but is extremely leery of the entire banking system. Panic and an ensuing bank run causes her to miss two days of work to withdraw her money. The run ends up having nothing to do with the bank.
Before they know it, winter has returned again, and the family feels utterly unprepared. Jurgis takes control of the situation as best he can, escorting Ona and carrying Stanislovas to work. Unfortunately, Jurgis sprains his ankle and misses three weeks of work. During this time Ona, unbeknownst to Jurgis, must borrow from their meager savings in order to survive. The only solace Jurgis finds during this difficult time is spending time with his son.
Analysis
Two important themes dominate Chapter 11. The first states that accidents determine fate. Through no fault of his own, Jurgis is out of work for three weeks. It is an accident that he sprains his ankle, but nonetheless, his entire family suffers for it. One financial crisis follows another, all independent of each other and each seemingly more calamitous than the previous one. A related theme demonstrates that a willingness to work is not always enough. From the onset, Jurgis' motto has been "I will work harder." He has been working harder and harder, but realizing his goals less and less. The corrupt nature of the meatpacking industry stacks the deck against him and all hard workers, for the only ones reaping the benefits of increased work levels are the owners.
A comparison to Lithuania in this chapter is in the food they eat: In the forest, they ate real sausage; here they ingest imitation filler. Once again, the old cliché about "the grass is always greener" comes true. Jurgis and his family did not recognize the advantages and benefits of what they had in Lithuania.
As the months pass by and election time rolls around, Jurgis realizes that selling his vote to the democrats is unethical, but he does it anyway. His attitude is not one of indifference but rather of survival. It really does not matter whether he sells his vote or not, because the democrats will win. But if this opportunity presents a chance for Jurgis to help his family, the ends justify the means. When ethics battles economics, economics wins every time.
Glossary
superfluity a quantity or number beyond what is needed.
inexorably relentlessly; unalterable.
Prometheus in Greek mythology, a Titan who steals fire from heaven for the benefit of mankind. To punish him, Zeus chains him to a rock where a vulture comes each day to eat his liver, which grows back each night.
FAQs
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
What does going Chapter 11 mean? ›
A Chapter 11 bankruptcy allows a company to stay in business and restructure its finances and operations. If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors. If the debtor does not put forth a plan, the creditors may propose one instead.
Does Chapter 11 wipe out all debt? ›
While Chapter 11 bankruptcy does not typically clear debts, it may allow you to retain assets and to operate a business if you have one. When you file a petition for Chapter 11 bankruptcy, your creditors must suspend attempts to collect the debt and repossess or foreclose on any property.
What is the difference between Chapter 7 and 11? ›
Chapter 7 is considered a liquidation bankruptcy: it doesn't require a repayment plan but the business has to sell some assets to pay creditors. Chapter 11 is considered a reorganization bankruptcy that allows businesses to maintain their operations while creating a plan to repay creditors.
Which is better, Chapter 11 or chapter 13? ›
While Chapter 11 filings can be filed by nearly anyone, Chapter 13 filings are reserved for those with a steady stream of income and who meet debt limit thresholds. These filings allow individuals to pay down their debts over time using a proposed payment plan.
What are the disadvantages of Chapter 11? ›
The Disadvantages of Chapter 11 Bankruptcy
- Loss of Privacy. ...
- Financial Record-Keeping & Reporting Requirements. ...
- Profitability Requirements. ...
- Some Loss of Control Over Business Operations. ...
- Restrictions on Compensation of Debtor's Insiders. ...
- Possible Loss of Shareholder Control. ...
- The Cost.
The benefits of Chapter 11 bankruptcy are that the business will continue to operate and will ideally come out the other side of bankruptcy in much better financial health. Hopefully, as a more financially secure or profitable venture.
Why is Chapter 11 so expensive? ›
Over the course of the bankruptcy case, you will also need to consider quarterly fees that are paid to the United States Trustee's Office. Given that Chapter 11 bankruptcy cases are extremely complex, it is usually necessary to have a bankruptcy attorney, and you will thus need to consider attorneys' fees.
Do you lose assets in Chapter 11? ›
Under Chapter 11 bankruptcy, a business or person generally gets to keep most of their assets, though the debtor could propose to sell many of their assets as part of the reorganization plan. In fact, a business owner could choose to sell the entire business under Chapter 11 bankruptcy.
Who gets paid first in Chapter 11? ›
Secured creditors like banks are going to get paid first. This is because their credit is secured by assets—typically ones that your business controls. Your plan and the courts may consider how integral the assets are that secure your loans to determine which secured creditors get paid first though.
Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.
Is Chapter 13 worth it? ›
If you have a solid job or way to make money, but simply can't afford to fully pay what you owe, Chapter 13 may be a good option. It lets you maintain more control over your finances and assets than you would with a Chapter 7 bankruptcy, which forces you to sell most of your assets.
What is the main goal of Chapter 11? ›
Accordingly, the central goal of chapter 11 is to create a viable economic entity by reorganizing the debtor's debt structure. Unlike chapter 7, chapter 11 is not a liquidation of the debtor's assets. Rather, it is a reorganization of existing assets, principally as debt.
What is the purpose of Chapter 11 things fall apart? ›
Chapter 11 of Things Fall Apart explores how Achebe views the whites in the Nigerian village. The tortoise represents the whites who have come as missionaries and colonialists.
What happens to unsecured creditors in Chapter 11? ›
An unsecured creditor with a nonpriority claim must be paid at least as much as the creditor would have received had the debtor filed under Chapter 7, and the payments need not be in cash. Nonpriority claims may be paid in cash, property, or securities of the debtor or the successor to the debtor under the plan.
