Chapter 11

Chapter 11 bankruptcy focuses on presenting creditors with a detailed written plan for reorganizing the debtor's finances. A plan of reorganization can take a creative approach to resolving the debtor's financial problems. Creditors vote on whether or not to accept the proposed reorganization plan.

Chapter 11 is designed primarily for businesses.

Individuals can file Chapter 11. This is becoming more common as individuals with large home loans find that the decline in the real estate market has left them with secured or unsecured debt in excess of the statutory limits for filing under Chapter 13.

The attorneys fees for a Chapter 11 case can be quite large, even if it is a simple one. Most consumers would find Chapter 11 not to be cost-effective.
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Stephen K. Haynes
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Bankruptcy Basics
 (from US Courts)