Chapter 11 bankruptcy, often referred to as "reorganization" bankruptcy, is usually filed by businesses and partnerships, although it may also be used by individuals in some situations.
By filing for personal bankruptcy under Chapter 11, a person may be able to reorganize their debts while keeping their small business open or restructuring a significant amount of personal debt.
Individuals who are thinking about filing for Chapter 11 may also want to consider filing for Chapter 13 bankruptcy, which shares several similarities with Chapter 11.
Under Chapter 11 personal bankruptcy, filers are able to keep their assets while undergoing a reorganization aimed at repaying creditors. Chapter 11 filers are commonly described as "debtors in possession" due to their ability to maintain their assets during bankruptcy.
In a similar fashion, Chapter 13 bankruptcy, which is expressly designed for individuals, also allows filers to hold onto important property, such as a car or home, during the bankruptcy process.
Other similarities between personal Chapter 11 bankruptcy and Chapter 13 include:
Chapter 11 is primarily designed for businesses, so it may be a good option for business owners, whether they are the head of a major corporation or own a small bakery.
On the other hand, Chapter 13 was created to help with personal debts, and may allow individual filers to prevent home foreclosure or car repossession. Though Chapter 13 does have limits on debt amounts.
To learn more about which type of bankruptcy is right for you, connect with a local bankruptcy lawyer by filling out the brief form below.
As mentioned above, Chapter 13 may be a suitable alternative for personal bankruptcy. In addition to Chapter 13, the Chapter 7 debt discharge provides a unique form of debt relief.
Chapter 7 is designed for filers with limited assets, and may help eliminate some or all of a filer's unsecured debts, including medical bills, some personal loans, credit card debt, and payday loans.
If you're unsure about whether you should file for Chapter 7, 11, or 13, get a free case evaluation:Speak to a Bankruptcy Lawyer Today
PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Bankruptcy is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Bankruptcy does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.
FLORIDA ONLY: Total Bankruptcy is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service.
If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.