Chapter 11 Bankruptcy

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.