Chapter 11 Bankruptcy is a legal process that allows businesses to reorganize their debts while continuing to operate. It provides a way for companies to restructure their financial obligations, often by negotiating new payment terms with creditors. This type of bankruptcy is commonly used by larger corporations but can also be available to individuals with substantial debts. During Chapter 11 Bankruptcy, the business typically remains in control of its operations, known as "debtor-in-possession." This means the company can continue to run its day-to-day activities while developing a plan to pay off creditors over time. The goal is to return to profitability and eventually emerge from bankruptcy.