Who should file a petition for relief under chapter 11 of the Bankruptcy Code?
Businesses: If you own, control, or manage a corporation, limited liability company, partnership, joint venture, or limited partnership, or if you own a business as its sole proprietor, and the business you own or control is burdened by debt that it cannot currently service, or needs time to implement plans for increasing profitability, you would do well to consider reorganizing under chapter 11. Individuals: If you, as an individual consumer or a married couple, have debts from which you need relief, but those debts exceed the eligibility requirements for filing a chapter 13 case under ยง 109, then you may need to file for such relief under chapter 11.
