Chapter 11 Bankruptcy

A Chapter 11 Bankruptcy allows business, and sometimes individuals, to reorganize their debts. Chapter 11 bankruptcy is available to businesses or individuals with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00.

Although it is available to individuals, it is more often used for corporations. The requirements of Chapter 11 are complex and onerous, however if a corporation is in need of restructuring its debt load or if an individual has personal debts that are too large for a Chapter 13, Chapter 11 can many times be the best option.