Bankruptcy – Chapter 11 Overview

Chapter 11 bankruptcy is used primarily by businesses and business owners who need relief from creditors. If you are a business representative or owner, you will need a reorganization plan when filing for Chapter 11. This allows your company to repay creditors over time while your business continues to operate.

The Chapter 11 process involves filing a petition with a federal bankruptcy court in your area, listing your business's assets and debts. Your creditors will then form a committee, representing their interests to the court. It's important to know that a Chapter 11 bankruptcy process may take years, and you will likely need an attorney to represent you in court.