Definitions for "Chapter 11 Bankruptcy"
A complex type of bankruptcy usually filed by businesses that wish to restructure their debts.
A type of bankruptcy commonly referred to as a "business reorganization." However, it is available to individual debtors and can include personal debts. It is often used by debtors who have unsecured debts exceeding $100,000 and thus are ineligible for Chapter 13. Close
Payment Plan – A court petition that allows the borrower to reorganize his debts and pay his creditors a stipulated amount so that the business can continue.