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Another type to consider is Chapter 11 bankruptcy which is available to sole proprietorships, corporations and partnerships. This type (often called the reorganization plan) is what large businesses’ often choose in order to restructure their debts or those businesses that are only having temporary financial problems. Under this type, the debtor remains to possess his assets and continue on with business operations while under supervision of a trustee and the court. A creditor committee is appointed to oversee the debtor’s business operations. This committee also participates in approving whatever repayment plan the debtor is able to come up with that will guarantee a way of repaying the creditors.

All of the information here is provided to give an overview on how to file bankruptcy as well as the types of bankruptcies available to us. It is always advisable to confer with a bankruptcy lawyer for professional counsel.

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