Chapter 11 Bankruptcy
Learn how even the wealthy and big businesses can - and often do - get bankruptcy protection and debt relief by filing Chapter 11 bankruptcy.
Chapter 11 bankruptcy is the type of bankruptcy used by corporations and wealthy individuals when they need a fresh start. Some famous examples include Skymall and General Motors, which both used Chapter 11 to reorganize their debts or liquidate their assets.
This page is your hub for learning about how bankruptcy isn’t just for regular people that need a fresh start, but also for large corporations and wealthy individuals.
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Written by Attorney Curtis Lee.
Updated June 1, 2022
If you're struggling to make ends meet for your business you can dissolve your business under state law or file bankruptcy. The type of bankruptcy you'll file depends largely on the business's structure. You can file personal bankruptcy — Chapter 7 or Chapter 13 —bankruptcy if you're a sole proprietor. If your business is an LLC, corporation, or other legal entity, you may want to file Chapter 11 instead. It's often good to get legal help when filing a business bankruptcy.Read More →
Written by Attorney Jenni Klock Morel.
Updated April 1, 2022
Chapter 11 cases are mostly filed by businesses or people with significant assets and debts. Chapter 7 and Chapter 13 are the most common chapters filed by individuals. Read on to learn more about the differences between Chapter 11 and Chapter 13 bankruptcies.Read More →
When a corporation gets into financial trouble, the company may be able to file for bankruptcy protection. In some ways, corporate bankruptcy is like consumer bankruptcy. But, there are also important differences. In this article, you’ll learn how the two types of business bankruptcy differ, how each works, and how corporate bankruptcy is different from personal bankruptcy.Read More →
Written by Attorney Karra Kingston.
Updated July 22, 2020
A Chapter 11 bankruptcy reorganization plan lays out how the filer will pay their debt obligations moving forward. It gives the filer the chance to restructure and renegotiate the terms of paying back creditors.Read More →