Homonym: Chapter 11 (Bankruptcy)
Chapter 11 refers to a section of the United States Bankruptcy Code that allows businesses and individuals to reorganize their debts while continuing to operate. This process provides a way for debtors to create a plan to repay creditors over time, often while maintaining control of their assets.
In a Chapter 11 filing, the debtor submits a reorganization plan to the court, which must be approved by creditors and the judge. This chapter is commonly used by large corporations, but it is also available to individuals facing significant financial challenges, allowing them to restructure their financial obligations.