A Chapter 11 bankruptcy is a law within the United States Bankruptcy Code, which allows any business, corporation, sole proprietorship, or individuals to reorganize their debts. The unsecured debts must be at least $336,900 abd the secured debts must begreater than $1,010,650. Although it is available to individuals, it more commonly used by corporate entities.
It is recommended that you consult with a local bankruptcy attorney to receive accurate and up to date information and see if you or your business qualify for a chapter BK 11 filing.