August 23, 2006 9:03 AM
Different Types of Banktupcies: Chapter 11
Truth be told, there are more than one types of banktupcies, and you need to carefully choose which one suits you. Here is what is Chapter 11 bankruptcy, commonly known as reorganization.
From IRS:
Chapter 11 is the primary reorganization chapter of the Bankruptcy Code for business debtors.
Individuals are also eligible to file Chapter 11.
A. However, when individuals file for bankruptcy but wish to retain the use of their non-exempt property (i.e., decide not to file Chapter 7), they more frequently choose to adjust their debts through a Chapter 13 bankruptcy case than through a Chapter 11 case.
B. This is because Chapter 11 proceedings are expensive for a debtor and more debts (including tax debts) may be discharged without payment by an individual in a Chapter 13 case than by an individual in a Chapter 11 case.
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