What is Chapter 11 ?
Chapter 11 Bankruptcy is a form of bankruptcy reorganization available to individuals, corporations and partnerships. It has no limits on the amount of debt, unlike Chapter 13, which is $336,900 of liquidated unsecured debts and 1,010,650 non-contingent secured debts.
Generally, larger businesses seeking to restructure their debt file for Chapter 11 Bankruptcy. The debtor usually remains in possession of its assets, and operates the business under the supervision of the court and for the benefit of the creditors. Chapter 11 bankruptcy is a complex process, but may be more flexible than other chapters.