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.
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