Although you may be able to discharge some of your debts under Chapter 11 bankruptcy, you will be asked to create a repayment plan to submit to the court. If you are a small business owner, your bankruptcy attorney will most likely advise you to file for Chapter 11 bankruptcy as you can often keep your business, or a portion of your business, rather than abandon it all.
The benefits of filing for Chapter 11 bankruptcy are numerous for those who are in financial ruin. However, it is a difficult process that can only be navigated with the help of a bankruptcy attorney. The right attorney will instruct you on how to create a repayment plan, what assets will be eligible to keep and much more.