WHO CAN FILE:
Individuals or businesses.
WHAT YOU CAN ACCOMPLISH:
Business organizations to reorganize their affairs, subject to the consent of their creditors, and so continue functioning. Or, a business can choose to utilize this Chapter for liquidations of greater scope and complexity than could be afforded under Chapter 7.
Individuals who cannot, for various reasons—- statutory and otherwise—- qualify for either Chapter 7 or Chapter 13 relief, may accomplish outcomes similar to the relief set forth in those Chapters. However, all Chapter 11 Debtors must submit a Plan, which is usually much more difficult to confirm than a Chapter 13 Plan: this is because creditors have much more say regarding the treatment of their respective claims.
HOW LONG IT TAKES:
Subject to the terms and conditions of a Confirmed Chapter 11 Plan.