This is used mostly by businesses. In chapter 11, you may continue to operate your business, but your creditors and the Court must approve a plan to repay your debts. There is no trustee unless the Judge decides that one is necessary; if a trustee is appointed, the trustee takes control of your business and property.

Your bankruptcy may be reported on your credit record for as long as ten years. It can affect your ability to receive credit in the future.

Note: The information here is not complete you may still need legal advice.

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