If your business is in distress, you should consider consulting a business bankruptcy attorney in your state. Chapter 11 is a very complicated chapter of the bankruptcy code, and therefore the process of Chapter 11 bankruptcy is very complicated. It is very important to select a business bankruptcy attorney with vast experience in helping businesses who have fallen on hard times.
Chapter 11 involves a bankruptcy reorganization plan that accommodates debt reorganization through a payment plan. Chapter 11 is similar to a Chapter 13 bankruptcy. In chapter 11 the debtors prepare a disclosure statement which describes their proposed reorganization proposal and payment plan. The proposed plan is voted on by the various classes of creditors and then submitted to the Court for approval.