What is a “Chapter 11” Bankruptcy?
The U.S. Courts describe a Chapter 11 bankruptcy this way:
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
To view a helpful video series about the various types of bankruptcy, please view the following video from the U.S. Court’s Web site: