Corporate Chapter 11 Bankruptcy
Chapter 11 is a reorganization style bankruptcy for corporations that intend to continue ongoing operations. In a Chapter 11, the debtor proposes a disclosure statement and a plan of reorganization to keep the business alive and pay creditors over time. The case begins with the filing of a petition, schedules and statement of financial affairs. The debtor usually assumes the role of "debtor in possession", until a plan of reorganization is confirmed. Creditors then vote on the plan and the plan can last for up to five years.
Individuals who might not qualify for Chapter 13 for certain reasons can also file for Chapter 11 bankruptcy.
Chapter 11 Bankruptcies are complex and you should contact an experienced attorney at Schottler & Associates for more information.