Bankruptcy Beyond Chapters 7 and 13
This article was prepared by Legal Aid of Northwest Texas and contains material from other resources as well. It contains a general overview of certain aspects of bankruptcy and is not a substitute for direct representation by an attorney.
Debtors who have more than $394,725 in unsecured debt or $1,184,200 in secured debt cannot file under Chapter 13. They must file under Chapter 11.
Chapter 11 is more complicated than Chapter 13. It requires dividing your creditors into classes, then trying to get enough creditors to vote to confirm your plan of reorganization. Both Chapter 7 and Chapter 11 can be used by people or companies.
Chapter 12 and Chapter 13 are only for individuals (a person or a married couple).