Chapters 7 and 13 are the most common bankruptcies filed in Florida. Many times Chapter 11 is confused with Chapter 13 reorganization. This is because the terms Chapter 11 is most commonly referenced in the news.
Chapter 11 bankruptcy is intended for the reorganization of businesses. It is also a legal resource that can be used by individuals seeking to reorganize their debt and who do not otherwise qualify for the most common Chapter 13.
In a chapter 11 bankruptcy the typical objective, in the case of a business facing financial challenges, is to continue operating the business, as opposed to liquidating, and to propose a plan for profitability to creditors. This plan may include reducing costs, seeking new sources of revenue, and renegotiating contracts.
An experienced attorney can guide you concerning this most important legal avenue.