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Which Is Better: Chapter 11 or Chapter 13 Bankruptcy?

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For many, even savvy investors and entrepreneurs, the word bankruptcy strikes fear right into their heart. Nightmarish visions of rooms being emptied of furniture, accounts being drained of every last cent, or disappointed lines of debtors armed with pitchforks are perfectly understandable. 

What is Chapter 11 bankruptcy?

What is Chapter 13 bankruptcy?

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How are Chapter 11 and Chapter 13 similar and different?

Once you understand the general framework of each of the types of bankruptcy, it becomes a little easier to decide which might be best for you. 

Both Chapter 11 and Chapter 13 require:

The primary difference between Chapter 13 and Chapter 11 is that:

Businesses cannot file for Chapter 13 bankruptcy, but individuals have a choice between the two. Other crucial differences between Chapter 11 and Chapter 13 are:

When should I choose to file for Chapter 11 bankruptcy?

Chapter 11 allows a business entity to continue to engage in business, which is a long-term solution to financial woes that may have been caused by drastic but temporary circumstances. Other benefits of filing Chapter 11 bankruptcy include:

When should I choose to file for Chapter 13 bankruptcy?

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